Ticker: QQQ
Price: $347.39
Date: 5/26/23 12: 25 pm
Underlying: Invesco QQQ Trust ETF

Master Portfolio Contracts: 7

Notes:  Opening a hedge synthetic long.  Since QQQ is running higher and it looks like there may be a solution to the debt ceiling, let’s take advantage of a direction trade. If it stalls we can always sell calls against it and if it reverses we can convert to a synthetic short. 

Trade Detail:

Trade Action 1: Open a credit spread for a credit of around 1.90 – 1.95
STO 18 AUG 350 put
BTO 18 AUG 345 put

Trade Action 2: Buy a long call for a debit of around 15.85
BTO 18 AUG 347 call

Position After Trade Actions:

-7 18 AUG 350 put
+7 18 AUG 345 put
+7 18 AUG 347 call