Trade Update - Southern Co.
Hello Smart Option Sellers! Southern Co. (SO) We currently have a put-sell order on SO that has not been filled yet. Looking a little deeper at its chart pattern, I'm seeing that more near-term downside could occur. Typically, I would be fine with that, considering it would help us get filled on our order (as stocks go down, put option prices go up). But in addition to the potential for more downside based on the charts, they are releasing earnings on August 2nd. We all know earnings can go either way, and it could possibly push the stock even lower. Lastly, an announcement on whether they will be on the hook for covering the costs of converting one of their coal plants to natural gas is scheduled to be released in the next 90 days or so. Although I mentioned this in the original write-up on the trade, I still don't envision it would really come into play for us. With all those factors together, I just feel it would be prudent at this time for us to pull the order, as I think we could possibly get into a better trade on SO in the next few weeks. With that said, here's what you need to do: Outright cancel your sell-to-open order on the SO November 2017 $39 put options. Considering no one in our Smart Option Seller group has been filled on this play, we don't need to worry about following it. Let's re-visit this trade in a few weeks to see if it's still viable. Make sure to cancel your order before the opening bell tomorrow. I'm sending the alert now so everyone will have a chance to see the message before the market opens. Sometimes things change quickly, and I would rather be safe than sorry. You know how I am! Continue to hold all other positions as-is. See the Current Portfolio below for current prices & instructions. Quick note on the Current Portfolio - if you are a new subscriber and don't have a position yet on any of our trades, make sure you enter your order at the original recommended sell prices. Do not enter any order at current prices unless it's higher than the official recommendation. If you are unsure or have any questions, please ask us! Please let me know if you have any questions. You can contact us here Regards, Lee Let's Grab That Cash!