Preparing For A Holiday Trading Week

Posted by Joe Duffy | Jun 30, 2023 | Joe Duffy's Trading Advantage | 0 |

A nice trade in OXY wrapped up today. Bought the July 21 55 call at $2.25 on Monday and exited at $3.85 today. We also entered another position today for KeyPoint Options, buying the July 28 143 call options on JPM at $1.85 and they closed the day at $3.25! These are a candidate to go out the door tomorrow on further strength. Next week is going to be an odd week, with the market closed Tuesday— Monday might not see much activity, so that’s the weekend plus two trading days of time value being lost. Therefore I would like to get out of straight unhedged options positions on Friday.

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We also put on some option spread positions today taking a bullish posture in JPM, AMD and LVS. JPM chart attached as it looks like it will move out to new highs soon. Spreads get time value to work for us, so holding isn’t an issue with these positions. Have a great long weekend everyone. I’ll be back on Wednesday or Thursday to update my views.

Thanks,

Joe

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Joe Duffy

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