Selling our AXP call contracts.

Concerns over consumer spending are starting to rise and AXP’s chart is breaking down.

While AXP is a quality company with strong earnings, it makes sense to take a step back in today’s market. Fearful investors are selling shares of even good companies like AXP.

We’ll keep the name on our watch list. And thankfully, our bearish trades have helped to offset much of the pullback in our bullish plays.

By closing this bullish position, we’ll adjust our trading balance further toward a bullish stance, as we wait for the market to eventually find a bottom.