Ally Financial (ALLY) has failed to break through the $35 level to the downside and now seems poised for a break out to the upside. I want to cut the loss on our put option here, before ALLY can make a potentially large jump.
Sell to close the ALLY June 21, 2024 $37 Puts.
Right now, we're peeling off our losers and holding our winners:
Gold is looking incredibly good for our breakout idea with SPDR Gold Shares (GLD) calls.
Our United States Oil Fund (USO) Bull Put Credit Spread is almost certain to expire worthless, allowing us to walk away with 100% of the premium we collected at entry.
The Direxion Daily FTSE China Bull 3x Shares (YINN) is experiencing a brief retracement but looks to be showing signs of a continuation to the upside.
Mosaic (MOS) is not disqualified as of yet, and our MOS calls still have plenty of time value left, since they expire in June.
At this point, we've cut our losers; let's sit on our winners, and carefully look for new ideas.
Equities continue to be very bullish right now, but there's not a lot of quality opportunities in individual stocks. Because our commodities and outside-the-United-States positions are doing well, I'm going to continue putting an emphasis on looking for opportunities outside stocks for the time being.
That's it for today. Be sure to keep an eye out for more trades.
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