Selling our SNOW put contracts.

Shares of SNOW surged higher after the company’s positive earnings report last night.

I still believe SNOW will trade lower over time. The stock’s valuation is extremely high compared to the company’s actual profits. And in today’s bear market, rich valuations eventually get punished.

But the stock has now pushed well above our $165 strike price. So we’re going to sell our put contracts while there’s still some value left, and use our capital for plays that are working better right now.