Citi's Global Macro Strategy team has advised partially unwinding their S&P 500 call position to secure profits as the year-end nears. This strategic move comes as the S&P 500 index experiences a slight uptick, reflecting a 0.53% increase to 6083.10. The decision to close 50% of the 6037.35 strike SPX call, which has achieved a 71% gain, underscores the importance of risk management in the current market environment. With the option just in the money and two weeks to expiry, Citi's analysts are focused on locking in profits while navigating the closing market conditions of the year.
The ProShares Short S&P500 ETF (SH) saw a minor decline, dropping 0.50% to $41.61 as of 1:40 PM on Monday, December 16.