XLE refused to drop for more than 2 weeks after my bear call spreads June$87/92c were entered on 4-17. But due to market pressure, XLE made significant drops in the last 3 days. With 43 DTE, I was able to get out for $0.21 to obtain a profit of $0.33 (.54-.21, 61%) when XLE was trading around $80.5. Market offered me an higher return for this trade than my average expectation of 50%.
Looking at the chart, XLE has made a higher low 6 weeks ago and higher high a few days ago. So it seems to show an uptrend now. I may enter bullish put spreads if I have the opportunity in the future. Now I have fund available for another new position. I’ll look for a new trade after I come back from vacation in about 1 week.