Closing Trades (MCD, SBUX) – July 22nd, 2020
DailyPlay Positions Outlook:
As equities push higher above a major resistance level at $323, look for a retest of this level as support before a continuation higher. As leading sectors lag behind and lagging sectors lead today, we see this rotation a strong marker for equities to continue higher. We are using this opportunity to reduce our short exposure in SBUX and MCD.
- MCD – 58% Loss: Short Aug 21 185/195 Call Verticals @ $6.40 Debit
- SBUX – 53% Loss: Long Aug 21 62.5/72.5 Put [email protected] $1.82 Credit