Taking Profits (GLD) – March 27th, 2020
DailyPlay Positions Outlook:
Despite markets rallying strongly off of the $218 lows, we continue to believe there is further downside. While the unprecedented fiscal and monetary policy provides much-needed liquidity and suppressing violent swings, it does not cure the virus or the global economic devastation to come. Moreover, printing over 4 trillion dollars does not come without its costs. While we maintain our bearish view in the markets, we acknowledge that markets may trade higher temporarily on the back of some much needed good news.
• GLD – 132% Gain: Long Mar 27, 2020/Jun 19, 2020 142/152 Call Diagonals @ $13.76