Closing BOTH our BROS and CCJ put positions.
Shares of BROS have traded higher sharply higher. The rebound caused the price for our put contracts to drop (allowing us to buy out of our play at an inexpensive price).
Buying back our BROS puts allows us to lock in the majority of potential profit from this trade and frees up capital for new income plays.
Shares of CCJ on the other hand broke lower as the market pulled back. After a modest rebound, we’re able to buy back our puts at a price that is a bit higher from our sell price. But our exit will be significantly better than it would have been had we closed out our position when traders were panicking in late January.
Both names will remain on my watch list and we may roll out new income plays for these names in the months ahead.
- Buy (to close) our BROS March 18th $40 Put
- Limit $1.05 or less
~~~~~~ - 14:47 Executed
- Bot BROS March 18th $40 Put @ $0.95
ALSO
- Buy (to close) our CCJ February 18th $22 Puts
- Limit $2.40 or less
~~~~~ - 14:47 Executed
- Bot CCJ February 18th $22 Puts @ $2.30