Selling our CVNA put contracts to lock in profits.
Shares of CVNA are down another 7% in today’s bearish tape.
Speculative stocks are out of favor, giving us some great profits on our bearish plays.
Now that CVNA has traded all the way down from a high above $375 to today’s price near $17.75, a lot of the excess has been wrung out of this trade.
And while CVNA could still have farther to fall, it’s becoming more difficult to find put contracts with attractive risk / reward dynamics at this level.
We’ll go ahead and lock in our last batch of profits from this play and free up cash for new opportunities emerging in today’s market.
- Selling (to close) our CVNA October 21st $28 Puts
- Limit $10.00 or more
- Executed 11:15
- SOLD 7 CVNA Oct 21 $28 Puts @ $10.00