DailyPlay Positions Outlook:

Markets are now in a narrow trading range between $317 and $323 as earnings season kicks into high gear. Muted reactions to major beats and major declines to misses skew risks to the downside. As market remain below a key $323 resistance level, we use this opportunity to reduce our exposure in HSY, JNJ and KHC.

Closing Trades

• HSY – 64% Loss: Short Jul 31 131/138 Call Verticals @ $3.64 Debit
• JNJ – 97% Gain: Long Jul 31 143/150 Call Verticals @ $4.82 Credit
• KHC – 55% Gain: Short Aug 14 29/32 Put Verticals @ $0.50 Debit