SIG Bearish inclined naked calls 15 July expiry
Updated
Whats The Plan/Trade/Thought
- Signet Jewelers is a retailer of diamond jewellery. With the concerns of the recession, the cooling signs of the job market, layoffs in tech and the overall retail leadership cautiousness during the earnings. I think this is the right direction especially since it is following the larger market direction
- US retail sales also post the first drop in 5 months as auto purchases plunge and inflation bites
Risk Mitigation - Have two S&R lines before my strike at 69.49 and 65.35. If price breaks 69.49 (7% from strike) will have to start closing this position
Imagine Yourself Taking The Other Side - It just feels dangerous to be bullish especially since we have seen days where all sectors are red
Look For New Information - No new information
How Do I Feel Now - I feel confident about this trade
Trade specs - Sold 110 Calls @ 0.5
- Strike 75
- 29.33% to Strike
- BP Used: 66K
- Max Gain: 5.5k
Trade closed: target reached
Yay!
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