Selling our SNOW put contracts.
Shares of SNOW are trading higher as the overall market rallies. We’ll go ahead and close the put position for now and wait for a better entry point.
I still believe SNOW will trade lower over time. But in this bear market rally, the stock is finding support.
Fortunately, buying put contracts with time left until expiration has helped to preserve value for this position. So even though shares are trading close to our $150 strike price, the put contracts are still worth more than $10 per share.
By closing this position today, we’re freeing up cash for new opportunities that are working in today’s environment.
- Selling (to close) our SNOW August 19th $150 Puts
- Limit $10.00 or more
~~~~~~~~ - 11:07 Executed
- Sold SNOW August 19th $150 Puts @10.76