As airlines continue to add capacity after a year of record demand for revenge travel, consumer demand after the pandemic is showing signs of slowing. Prices for many routes in 2024 are now priced significantly lower than this previous summer for both economy and business class tickets. Interest in travel across Europe and Asia is looking softer into 2024. Airline stocks have already lost about a third of their value in the last three months, yet hotel shares have held up fairly well. .XAL YTD mountain NYSE Arca Airline Index YTD With over 75% of its international revenue generated from Europe and Asia, I see the risk that a hotel stock like Marriott (MAR) will play catch-up with the declines that we’ve seen from airlines over the past few months. If we look at a chart of MAR, we see that it broke out above its key $180 resistance level to a new all-time high back in July. After trading to a new all-time high above $210, it’s now back on a downtrend and likely to revisit its $180 support and potentially breakdown further below that. Additionally, MAR currently trades at over 22 times forward earnings, which looks ambitious, especially as guidance provided for the rest of 2023 has been revised lower. My concern is that we are going to see further negative guidance in future quarters as the economic and geopolitical risks rise. If we look at the implied volatility of MAR options, it isn’t particularly high, however the skew between at-the-money options and out-of-the-money options are quite high and provide a unique opportunity to sell a neutral to bearish call spread. I’m looking out to the Dec 22 Weekly expiration to sell the $195/$205 call vertical spread. I’m able to collect $4.02 in credits which is just over 40% of the vertical width. (Reminder a vertical spread involves buying or selling options with same expiration but different strikes.) This strategy would risk $598 per contract if MAR is above $205 by the Dec 22 expiration and have a maximum gain of $402 per contract if MAR simply trades below $195 at expiration. So, if the stock declines or even if it stays puts, we will make the potential max profit on this trade. Additionally, with a credit spread, I would set a stop loss if I lose 100% of the premium that I’ve collected at around $8.00 debit. DISCLOSURES: (None) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
- Advertisment - 
Recent Comments
on Hollywood Reporter: Tom Cruise negotiated with movie studios over AI before the actors strike began
on Air Force vs. Utah State live stream, how to watch online, CBS Sports Network channel finder, odds
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
on Tom Cruise And Nicole Kidman Face The Brunt Of Scathing Comments From Eyes Wide Shut Screenwriter
on Russian cruise and ballistic missiles kill 4 in Ukraine and Ukrainian rockets kill 2 in Russian city
on If you’re a frequent traveler, these wrap tops from Aday will revolutionize your on-the-go wardrobe
on Gravitas Ventures Acquires North American Rights To Distribute Julia Camara Thriller ‘Stronghold ’
on Top Gun: Maverick’s Director Reveals Which Scene From The Tom Cruise Sequel Was The Hardest To Film
on A bearish options trade that pays off if hotel stocks start to feel a travel slowdown like airlines
on PHOTOS, VIDEO: Tour a Deluxe Oceanview Stateroom with Verandah Aboard the Disney Fantasy Cruise Ship
on Growing number of sports bras, athletic wear found with high levels of toxic chemical, watchdog says
on Megyn Kelly Slams Sports Columnist, Calls Her a ‘National Disgrace’ and Asks to ‘Shut the F*CK Up!’
on Comparing the Humongous Combined Wealth of Latest Business Partners Lewis Hamilton and Rory McIlroy
on Hallmark’s The Way Home Stars Explain The Balance Between Time Travel And Family Drama In New Series
on Cruise guest gets stuck on ‘claustrophobic’ water slide suspended over ocean: ‘That is super scary’
on ‘Mission: Impossible’ must emulate Tom Cruise’s $1.4 billion box office haul to replace Ethan Hunt
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
on Viral Tiktok Puts Tom Cruise’s Les Grossman In The Super Mario Bros. Movie, And It’s-A F-ing Great
on Tom Cruise Is Teaming Up With The Revenant Director For His First Movie Post-Mission: Impossible 8
on Tom Cruise And Nicole Kidman Face The Brunt Of Scathing Comments From Eyes Wide Shut Screenwriter
on San Mateo County Community College District sues five companies over role in ‘pay to play’ scandal
on Russian cruise and ballistic missiles kill 4 in Ukraine and Ukrainian rockets kill 2 in Russian city
on PGA Show 2023: Best finds, exhibitor list, vendors, floor plan, schedule, dates, more from Orlando
on Monday Mailbag: What’s next for Sean O’Malley, is Chito Vera impossible to finish, rest of UFC 299
on LIVALL Showcases Smart Helmets For Cyclists And Commuters At Pepcom Holiday Shopping Preview Event
on Lake Tahoe officials tackle overtourism with focus on management, not marketing; new fees may loom
on How my Apple Watch proved the ultimate travel necessity when I spent a week halfway around the world
on Ford Blue Cruise: US regulators investigate fatal crashes involving hands-free driving technology
on Arsenal highlighted for spending 26 seconds taking corner v Everton – Sky Sports’ tweet backfires
on Inside Hoda Kotb and Jenna Bush Hager’s ‘amazing’ luxury spring break vacations with their families
on Inside Floyd Mayweather’s Lavish Lifestyle: A Look at His Stunning Car Collection and Private Jet
on In
on If Tom Cruise Ever Gets A Theme Park, Here’s What Movies Should Get Their Own Rides And Attractions
on ‘I Will Immediately Retire From Boxing and Fight Jorge Masvidal…’: Jake Paul Starts 2023 With a Bang
on How The Other Half Fly: VistaJet Goes To Enviable Lengths To Make Air Travel Better For Your Body
on Hollywood Reporter: Tom Cruise negotiated with movie studios over AI before the actors strike began
on Growing number of sports bras, athletic wear found with high levels of toxic chemical, watchdog says
on GM Cruise Setbacks And EV Profitability Concerns: Analyst Lowers Expectations for Future Investments
on Fresno State at Nevada live stream, odds, channel, prediction, how to watch on CBS Sports Network
on Ford Blue Cruise: US regulators investigate fatal crashes involving hands-free driving technology
on Following Exchange With Caitlin Clark At News Conference, Columnist Won’t Cover Indiana Fever Games
on Florida lawmakers introduce bills that would criminalize storming fields, courts at sporting events
on FIU vs. Jacksonville State live stream, how to watch online, CBS Sports Network channel finder, odds
on Erdogan to attend Turkey-Netherlands Euro 2024 quarterfinal amid diplomatic row with host Germany
on East Carolina vs. Tulane basketball game postponed following death of Pirates announcer Jeff Charles
on EA Sports College Football 25, among most anticipated sports video games in history, hits the market
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Dozens of boats cruise the Seine in a rehearsal for the Paris Olympics’ opening ceremony on July 26
on Dozens of boats cruise the Seine in a rehearsal for the Paris Olympics’ opening ceremony on July 26
on Donovan Mitchell will be extra motivated to carry the Cavaliers, plus other best bets for Tuesday
on Disney Cruise Line Announces New Fireworks Show and More Details About ‘Silver Anniversary at Sea’
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Death toll from Ian, storm-caused flooding crosses 50 people; remnants to dissipate over Virginia
on David and Victoria Beckham so ‘Charmed’ by Tom Cruise They Have His Photos on Display at Their Home
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on Dallas Cowboys Will “Bring You Nothing But Bad Luck”, Sports Media Vet Warns Luka Doncic’s Mavericks
on Cruise worker accused of stabbing woman and 2 security guards with scissors on ship headed to Alaska
on Cruise guest gets stuck on ‘claustrophobic’ water slide suspended over ocean: ‘That is super scary’
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Tormented”: How Tom Cruise Was Almost Cast In The Shawshank Redemption (& Why He Wasn’t)
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on Comparing the Humongous Combined Wealth of Latest Business Partners Lewis Hamilton and Rory McIlroy
on Colorado State vs. New Mexico live stream, channel, prediction, how to watch on CBS Sports Network
on College basketball rankings: Virginia joins preseason Top 25 And 1, ready to contend for ACC title
on College basketball rankings: Kansas helps Big 12 lead conference race for most Top 100 And 1 players
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Can Tom Cruise Save The Box Office Again With Mission: Impossible – Dead Reckoning? An Investigation
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on “Bro Is Jogging”: Resurfaced Video of Usain Bolt’s 9.84 Seconds Run, Leaves Sports World in Denial
on Braun Strowman Reportedly Set for WWE Return Abroad on Promotional Tour After 6 Months Out Injured
on Brad Keselowski Feels NASCAR Could Welcome New Manufacturer Soon Amid Martin Truex Jr’s Engine Tests
on Boise State vs. Nevada live stream, odds, channel, prediction, how to watch on CBS Sports Network
on Boise State vs. Air Force live stream, odds, channel, prediction, how to watch on CBS Sports Network
on Big Tech companies will cover travel expenses for employees’ medical procedures, including abortion
on Biden: ‘At this point I’m not’ planning to visit East Palestine, Ohio, after toxic train derailment
on Best places to travel in 2023: National Geographic unveils list of top 25 destinations for next year
on Ask Amy: Should I keep my RSVP simple and just gracefully decline or say I can’t afford the trip?
on As more abortion bans occur, many patients must travel hundreds of miles for care – or be stranded
on Air Force vs. Utah State live stream, how to watch online, CBS Sports Network channel finder, odds
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
on A missile fired by Houthis strikes a US-owned vessel off Yemen in the Gulf of Aden, raising tensions
on A heavy wave of Russian missile attacks pounds areas across Ukraine, killing at least 4 civilians
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on $12M Worth Dawn Staley Sports Pricey Jordans While Witnessing Joel Embiid’s Suffering Against Knicks
on Dozens of boats cruise the Seine in a rehearsal for the Paris Olympics’ opening ceremony on July 26
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on If you’re a frequent traveler, these wrap tops from Aday will revolutionize your on-the-go wardrobe
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on Sports World Hails ‘Superwoman’ Lindsey Vonn for Her Grand Comeback Despite Career-Changing Injury
on How Does Jack Nicklaus Travel? Exploring the Private Jets Owned by the ‘Golden Bear’ Over the Years
on College basketball rankings: Kansas helps Big 12 lead conference race for most Top 100 And 1 players
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
on Lamar Jackson: NFC side tipped to be ‘overwhelming’ Super Bowl favourites if they signed Ravens QB
on ICC T20 World Cup 2022: “Love Cricket At All Levels, I’ll Watch Any Cricket, And Love Going There”
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on Joe Manchin and Tommy Tuberville introduce bill on name, image and likeness rules for college sports
on San Mateo County Community College District sues five companies over role in ‘pay to play’ scandal
on If you’re a frequent traveler, these wrap tops from Aday will revolutionize your on-the-go wardrobe
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on Biden to tout bill’s prescription drug prices, energy provisions in pitch to Americans, aide says
on Following Exchange With Caitlin Clark At News Conference, Columnist Won’t Cover Indiana Fever Games
on Inside Out Mini Jawbreaker Puzzle Game from Disney Cruise Line Now Available at Walt Disney World
on Katherine Paprocka allegedly embezzled nearly $600k from school for family vacations, IVF treatment
on Johnny Knoxville Talks Jackass Stunts And How They Compare To Tom Cruise’s Mission: Impossible Work
on Napoli owner admits he ‘knew’ Victor Osimhen would end up at ‘Real Madrid, PSG or one English club’
on Camilla Parker Bowles Revealed the ‘Nicest Thing’ She and Prince Charles Do When They Travel Is Free
on Russian cruise and ballistic missiles kill 4 in Ukraine and Ukrainian rockets kill 2 in Russian city
on Can Tom Cruise Save The Box Office Again With Mission: Impossible – Dead Reckoning? An Investigation
on Boise State vs. Air Force live stream, odds, channel, prediction, how to watch on CBS Sports Network
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on College basketball rankings: Kansas helps Big 12 lead conference race for most Top 100 And 1 players
on Inside Floyd Mayweather’s Lavish Lifestyle: A Look at His Stunning Car Collection and Private Jet
on Cruise guest gets stuck on ‘claustrophobic’ water slide suspended over ocean: ‘That is super scary’
on David and Victoria Beckham so ‘Charmed’ by Tom Cruise They Have His Photos on Display at Their Home
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Big Tech companies will cover travel expenses for employees’ medical procedures, including abortion
on Russian cruise and ballistic missiles kill 4 in Ukraine and Ukrainian rockets kill 2 in Russian city
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
on GameFly Sale Offering Nintendo Switch Sports at a Mind-Blowing Price, Don’t Miss the Opportunity!
on Ford Blue Cruise: US regulators investigate fatal crashes involving hands-free driving technology
on San Mateo County Community College District sues five companies over role in ‘pay to play’ scandal
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on The Rev. Al Sharpton to lead protest after Florida governor’s ban of African American studies course
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on Saipan, placid island setting for Assange’s last battle, is briefly mobbed – and bemused by the fuss
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on David and Victoria Beckham so ‘Charmed’ by Tom Cruise They Have His Photos on Display at Their Home
on Iowa State starting RB Jirehl Brock among latest college football players charged in gambling probe
on Biden to tout bill’s prescription drug prices, energy provisions in pitch to Americans, aide says
on Iowa State starting RB Jirehl Brock among latest college football players charged in gambling probe
on The Rev. Al Sharpton to lead protest after Florida governor’s ban of African American studies course
on Sports World Hails ‘Superwoman’ Lindsey Vonn for Her Grand Comeback Despite Career-Changing Injury
on San Mateo County Community College District sues five companies over role in ‘pay to play’ scandal
on Saipan, placid island setting for Assange’s last battle, is briefly mobbed – and bemused by the fuss
on ‘Pokémon Scarlet’ and ‘Violet’ Fan Theories Suggest Legendary Time Travel, Alternate Dimension Plot
on Joe Manchin and Tommy Tuberville introduce bill on name, image and likeness rules for college sports
on Inside the Michael Jordan ‘Air’ movie, plus why NFL, others are buying into the sports film industry
on If you’re a frequent traveler, these wrap tops from Aday will revolutionize your on-the-go wardrobe
on How Does Jack Nicklaus Travel? Exploring the Private Jets Owned by the ‘Golden Bear’ Over the Years
on Hollywood Reporter: Tom Cruise negotiated with movie studios over AI before the actors strike began
on Ford Blue Cruise: US regulators investigate fatal crashes involving hands-free driving technology
on Dozens of boats cruise the Seine in a rehearsal for the Paris Olympics’ opening ceremony on July 26
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on David and Victoria Beckham so ‘Charmed’ by Tom Cruise They Have His Photos on Display at Their Home
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Boise State vs. Air Force live stream, odds, channel, prediction, how to watch on CBS Sports Network
on Biden to tout bill’s prescription drug prices, energy provisions in pitch to Americans, aide says
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Carlos Sainz’s Soccer Fanboy Emerges as Spaniard Shares Defining Moment With This Real Madrid Legend
on Biden: ‘At this point I’m not’ planning to visit East Palestine, Ohio, after toxic train derailment
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on Ahead of big sports weekend, dispute with Disney leaves millions of cable subscribers in the dark
on A heavy wave of Russian missile attacks pounds areas across Ukraine, killing at least 4 civilians
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on Army vs. Coastal Carolina live stream, how to watch online, CBS Sports Network channel finder, odds
on AL Rookie of the Year Julio Rodriguez Spreads Joy and Sportsmanship to the Youth of Loma de Cabrera
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
on ‘1000-Lb. Sisters’ Tammy Slaton Is Still ‘Too Large’ to Fly in a Plane Despite All the Weight Loss
Исследуйте разнообразие модельного ряда BMW, способные удивить.
Погрузитесь в мир BMW, производительностью.
Откройте для себя новейшие модели BMW, электромобили.
Выбор для любого стиля жизни в модельном ряду BMW, уникально адаптирован.
BMW: стиль, мощь и инновации, неповторимый опыт.
Преимущества автомобиля BMW, обнаружьте.
Каждая модель BMW — это шедевр, тех, кто ценит стиль.
Лучшие автомобили в модельном ряду BMW, которые заинтересуют.
Что нового в линейке BMW, проверьте.
Модели BMW: оптимальный выбор для всех, проектированные для путешествий.
BMW — это больше, чем просто автомобиль, это опыт, который нужно испытать.
Наслаждайтесь комфортом и управляемостью BMW, который вдохновляет.
Каждая модель BMW — это мастерская инженерия, энтузиастов.
Преимущества выбора автомобилей BMW, от классики до современности.
Вдохновляйтесь моделями BMW для вашего стиля жизни, с уникальным дизайном.
Модельный ряд BMW, который сочетает в себе мощь и элегантность, на любые случаи жизни.
Каждая модель BMW — это гармония, для тех, кто ищет лучшее.
Модельный ряд BMW: ваше новое путешествие начинается, с комфортом и стилем.
Каждый автомобиль BMW — это возможность, для любого бюджета.
bmw x5 2015 bmw x5 2015 .