The VIX has dropped further so I closed a few more of my positions. I even closed positions that I probably could have held for longer but it's best to reduce our exposure when the volatility is lower.
So what's my trade for today?
I had difficulties finding a trade that I am comfortable with but because I am committed to have one new trade every day I had no options but to choose one. Considering that I already have LVS I went for the other big casino stock, #MGM (#MGMResorts). The trade is very similar to my LVS trade: It's purely a macro-economy related trade. I do not believe that the economy is in a great shape and with the higher interest rates and layoffs I expect the casino stocks to struggle.
MGM Daily Chart
Trade Type: Short Call
Expiry: 14 Oct
IV Rank: 15.6
Cap Req: $352
Annualised Prof at Expiry: 130%
IMPORTANT: Studying previous trades provide the opportunity to everyone to learn a great deal so I encourage you to click on the links below and digest the info.