Closing BOTH our CHPT and NTES put positions to lock in profits and free up capital for new plays.
Shares of CHPT have been strong thanks to an increasing number of electric vehicles on the road and anticipation of more EV sales. Demand for the company’s charging network should continue to grow as more EVs are sold.
NTES has rebounded after initially dropping in the wake of heightened Chinese pressure on big internet businesses. While that pressure could continue, investors appear to have overreacted. The stock’s subsequent rebound helped us lock in profits more quickly than expected.
Today we’ll close out both positions early, locking in a large portion of our potential gains from each trade and freeing up cash that we can use for new opportunities. We will keep both names on our watch list, and may roll out new income plays in the future.
- Buy (to close) our CHPT May 20th $16 Puts
- Limit $0.38 or less
~~~~~~~ - 11:36 Executed
- Bot CHPT May 20th $16 Puts @ $0.35
ALSO
- Buy (to close) our NTES May 20th $80 Put
- Limit $2.00 or less
~~~~~~~~ - 11:36 Executed
- Bot NTES May 20th $80 Put @ $1.89