Closing our MGM puts to lock in profits and free up capital for new plays.
Shares of MGM traded higher over the last week as investors became more confident about U.S. travel and leisure spending.
This is great news for our income play because the stock is now well above our strike price (or “agreement” price).Today, we’ll buy back our put contracts, essentially buying out of our agreement at a cheap price.
This allows us to lock in profits, and also frees up capital that we can use for new income opportunities.
- Buy (to close) our MGM September 16th $32 puts
- Limit $0.55 or less
~~~~~~~~ - 10:02 Executed
- Bot MGM September 16th $32 puts @ $0.53