Citi's Global Macro Strategy team has recommended a partial unwind of their S&P 500 (SPX) call position, reflecting a strategic move to lock in profits as the year-end approaches. As of December 16, 2024, Citi suggests closing 50% of the 6037.35 strike SPX call expiring on January 2, 2025, which was initially entered at 25% and has now reached a 71% gain. This decision results in a partial profit of $920,000, or 0.92% of the Global Macro Strategy portfolio. The SPX spot reference stands at 6074.93, indicating the option is just in the money. Citi's analysts emphasize the importance of risk management, noting, "With two weeks to expiry and the option just in the money, for risk management purposes we opt to unwind half of our 02-Jan-2024 expiry SPX 6037.35 strike digital call, locking in some P/L into year end." This move aligns with their broader strategy to navigate market conditions as the year concludes.