Closing BOTH our NEM and PARA (formerly VIAC) put positions.
Shares of NEM 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 NEM puts allows us to lock in the majority of potential profit from this trade and frees up capital for new income plays.
Shares of PARA on the other hand broke lower after the company announced earnings this week. (Note: VIAC changed its stock symbol to PARA). Since our put contracts are scheduled to expire tomorrow, I’d prefer to close out this play today. We will be taking a loss on the play, but thankfully the income we collected from selling our put contracts helps to offset some of the pullback for the stock.
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 NEM March 18th $60 Put
- Limit $0.65 or less
~~~~~~ - 14:29 Executed
- Bot NEM March 18th $60 Put @ $0.61
ALSO
- Buy (to close) our PARA February 18th $35 Puts
- Limit $5.50 or less
~~~~~~~~ - 14:29 Executed
- Bot PARA Feb 18th $35 Puts @ $5.50