🏖️ Heading Into The Holiday Weekend

Taking Profits • Collecting Premium • Enjoying An Extra Day To Recharge

Hello everyone,

As we move through the final trading session before the Juneteenth market holiday, stocks are putting together another solid day and that’s great news for the positions we’re already holding.

What it isn’t doing is creating a compelling reason for me to open a new cash-secured put.

Many of the names on my watchlist have enjoyed a strong run higher this week, and chasing stocks after a rally has never been part of my playbook. I’d much rather head into the long weekend with patience than force a trade that doesn’t offer the risk-reward profile I’m looking for.

That doesn’t mean it’s been a quiet day.

The strength in the market allowed me to do a little portfolio management by taking profit on WULF earlier today. There are also several other positions that have been performing very well and are beginning to approach levels where taking profits may soon make sense.

Overall, I’m pleased with how things are shaping up. The positions continue moving in the direction we want to see, and that’s exactly where I want to be heading into a three-day weekend.

💵 On the covered call side, I also have a couple of positions that are on track to expire worthless this afternoon.

If that remains the case, I’ll be able to keep 100% of the premium collected and then look for opportunities to write new covered calls for fresh income when the setup is right.

That’s one of the things I appreciate most about the Wheel Strategy.

Some days you’re opening new positions.

Some days you’re taking profits.

Some days you’re collecting option income and letting time do the heavy lifting.

Today is a little bit of all three.

For now, enjoy the long weekend, spend some time away from the screens, and recharge. The market will still be here on Monday.

I’ll have my Closing Bell Summary posted after today’s session on Substack Notes, and over the weekend I’ll be publishing both the Weekly Wrap and a new Deep Dive.

Enjoy the rest of your day, and I’ll see you back here soon.

Edward Corona
Trader & Publisher of The Options Oracle