Closing our STLD puts to manage risk and free up capital.
Shares of STLD are moving lower as the broad market continues to sell off. And while the company should benefit from a rebound in manufacturing, the stock has moved well below our $60 strike price.
At this point it makes sense to close our income play and wait for a better entry spot.
By closing this trade out early we’re taking a loss. But we’re also managing our risk and freeing up capital that can be used for new income plays that are currently working well.
- Buy (to close) our STLD February 18th $60 Put
- Limit $8.30 or less
~~~~~~~ - 15:32 Executed
- Bot STLD Feb 18th $60 Put @ $8.30