Closing BOTH our ANF and JWN put positions to manage risk and free up capital for new plays.
Both ANF and JWN have traded sharply lower in response to the new coronavirus variant. While I don’t expect this new wave to completely derail the market, it’s prudent to close out these positions since both stocks have dropped well below our strike prices.
We can revisit these names once the stocks begin to stabilize. Meanwhile, closing these trades gives us an opportunity to use our capital for better plays that are holding up in today’s uncertain market.
- Buy (to close) our ANF December 17th $40 Puts
- Limit $5.30 or less
~~~~~~~~ - 10:28 Executed
- Bot ANF Dec 17th $40 Puts @ $5.00
ALSO
- Buy (to close) our JWN December 17th $32.50 Puts
- Limit $12.60 or less
~~~~~~~~ - 10:29 Executed
- Bot JWN Dec 17th $32.50 Puts @ $12.55