We’re using our “Parachute Protection Plan” to close both our CLF and SSRM put positions.
Fears of a recession have driven steel prices lower, hurting profit expectations for Cleveland Cliffs (CLF).
And while inflationary environments would normally boost precious metal prices, a strong U.S. dollar has actually caused gold and silver to drop. This is bad news for SSRM and has caused the stock to trade lower this month.
Since both of these positions are set to expire at the end of the week, we’ll go ahead and buy out of our agreement today.
By closing these positions, we’re managing our risk and freeing up capital for new income positions with wider built-in safety buffers.
- Buy (to close) our CLF July 15th $22 Puts
- Limit $6.70 or less
~~~~~~ - 13:08 Executed
- Bot CLF July 15th $22 Puts @ $6.61
ALSO
- Buy (to close) our SSRM July 15th $20 Puts
- Limit $3.80 or less
~~~~~~~ - 13:08 Executed
- Bot SSRM July 15th $20 Puts @ $3.75