DailyPlay – Closing Trade (LULU) – July 24, 2024

Investment Rationale

Despite markets recovering from the lows of last week, our LULU trade has triggered our stop loss threshold and requires trimming. We are going to close out LULU today and continue to hold the rest of our short theta positions (where time works in our favor) and look for further exit opportunities across our other DailyPlay portfolio positions. 

Closing Trade

• LULU – 51.06% loss: Sell to Close 2 Contracts (or 100% of your Contracts) Aug 16th $290/$320 Call Vertical Spreads @ $5.32 Credit. 
  DailyPlay Portfolio:  By Closing both Contracts, we will receive $1,064. We initially opened these 2 Contracts on July 18 @ $10.88 Debit. Our average loss, therefore, is $556 per contract.