Credit Spread write-ups

Selling an option and buying a further one for protection, taking the premium in with defined risk. 2 Tuesday Target write-ups use it, newest first, each with the thesis, why it mattered and what to watch, and where the trade has closed, what came of it from the Track Record.

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  Devon Energy (DVN): The Boring Middle Nobody Wants to Own

  11 August 2026 · Tuesday Target 33/52

  Devon Energy (DVN) with the petroleum reserve at its floor: why energy options overprice drama and how a range trade collects from the standoff.
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  Korea (EWY): The Toll Booth After the Bypass Opens

  14 July 2026 · Tuesday Target 29/52

  Korea (EWY) as a toll collector losing traffic to the SK Hynix bypass, and why post-flush option premium looks rich to my models.

  What came of it: The Trade Alert on EWY closed on 31 July 2026, after 21 days, at +15% on the capital at risk.