Selling our EXPE call contracts.

After gapping sharply higher on tame inflation data, the market is giving back most of this morning’s gains.

That’s a dangerous pattern and could lead to more weakness in the days ahead.

I’d like to use this opportunity to lighten up on some of our bullish exposure. EXPE has been disappointing and it may take more time before the travel stock is ready to trend higher.

By selling these call contracts, we’re protecting our capital and freeing up cash that can be used in new plays that are working better in today’s environment.

We still have a healthy balance between bullish and bearish plays as we wait for more clarity on the broad market direction.

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