One New Trade & One Adjustment

New Trade! Hello Smart Option Sellers! Gap Inc. (GPS) Happy Friday everyone! You might be starting to see a pattern here. We just closed out a successful put-sell trade on GPS last month on September 15th. And guess what? We're going to get in again. That's the beauty of selling put options (and other forms of trading). We can re-use and recycle the same stocks over and over and over again. Why not? As stocks ebb & flow and move higher and lower, we can take advantage of that price movement and jump into new trades at the right time. Who cares if we use the same stock. Money is money. We don't discriminate. GPS stock has come off about $3 per share from its last high point and is looking to bounce off its 50-day moving average. I don't need to bore you with the technical details, but suffice to say, it's giving us an opening to get in. Here's the current GPS chart. With GPS currently trading near $26.90 per share, we're looking at a strike price with more than 30% of downside cushion. So, here's what you can choose to do: Sell (sell-to-open) the GPS March 2018 $18 put options for a limit sell price of $.25 per contract or higher, GTC, as an opening transaction (sell-to-close). Currently, this put option has a market of $.23 bid/$.29 offer, so we might need some patience with this one. I had this trade on my radar yesterday and the bid price was $.26 per contract. But I wanted to wait to see if the stock price would bounce off the 50-day moving average. It's doing that right now and unfortunately it's taking the put option bid price lower. GPS reports earnings on November 16, so we'll probably get mostly sideways stock action until that time. Regardless, let's get our orders in there and see what happens. Remember, you don't need to jump and sell right at the $.25 mark. You can place your initial sell order at $.28 or $.27 or $.26 first and see if someone bites. If not, then you can move down to $.25. Got it? With th