Closing Trade (DIS, ROP) – Wednesday, Nov 13th, 2019

DailyPlay Positions Outlook:

After breaking above its major resistance level of $302.50, SPY has continued to grind higher but is approaching overbought. We believe that the market has already priced in a trade war resolution and may consolidate back towards its support level. We are taking this opportunity to reduce our long exposure in (DIS) and cut losses on our short positions (ROP). 

Closing Trades

• DIS – 232% Gain: Long Jan 17 ’20 120/140 Risk Reversals @ $3.52
• ROP – 51% Loss: Long Dec 20 300/340 Put Verticals @ $6.10

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