Selling our SPOT put contracts to lock in profits.
Shares of SPOT are trading sharply lower following the company’s earnings announcement. Investors are disappointed with management’s outlook and the stock has now broken below $100.
Given the oversold nature of this stock — and the broad market as well, the probability of a rebound is increasing.
I’m happy to sell our put contracts and lock in a profit today. And we will keep SPOT on our watch list for potential bearish trades in the future.