Closing our XPO puts to lock in profits.
Shares of XPO moved below our $55 strike price as the market sold off this month. Our put contracts are set to expire next Friday.
Today’s rebound gives us a chance to use our parachute protection strategy to “buy out” of our agreement at a lower price.
By closing our XPO put contracts today, we’ll be locking in a small profit. We’ll also be managing our risk in case the stock continues lower.
Closing this position also frees up capital that we can use for new income opportunities.
• Buy (to close) our XPO September 16th $55 puts
• Limit $2.45 or less
• 10:10 Executed
• BOT 1 XPO Sep 16th $55 Put @ $2.04