Trade Results - HACK, And A GPS Update
Trade Results - Prime Cyber Security ETF (HACK) Hello Smart Option Sellers! We were successful in yesterday's trade adjustment on HACK. If you had your order working "GTC" at $.25 per contract, then you were filled. Here's what we did: Sold (sold-to-open) the HACK September 20, 2019 $32 put options for an official sale price of $.25 per contract as an opening transaction (sold-to-open). If you didn't place your order yet, you can still get filled at the recommended price of $.25 per. Great job everyone! Gap, Inc. (GPS) Update As mentioned in yesterday's alert, GPS reports earnings after the close today, and we currently have a put-sell position in the June 2019 $20 puts. With the stock price hovering near $20.60, we have smaller buffer at the moment, and it could drop even more if the company releases a dud of a report. So what shall we do? Seeing that the stock is in still in a downtrend, but getting pretty oversold at the moment, we're going to roll the trade today to not only give us more time for the rebound, but also to give more downside cushion. As part of the roll trade, we will be buying back the June position and establishing a new September 2019 position. Here's what you can choose to do: Buy back (buy-to-close) all of your GPS June 21, 2019 $20 put options as a closing transaction (buy-to-close). And... Sell (sell-to-open) the GPS September 20, 2019 $18 put options as an opening transaction (sell-to-open). At the moment, both the June and September put options are priced near $1.00 per contract, so you should be able to do the roll for very close to even money. Make sure to check the current bid/ask quotes on both before doing the trades. And, use the same amount of contracts for the new trade that you have of the current position. Remember, you will be buying back the June position and selling a new September position. That's all for now. Get those GPS orders in there and let us know how you do. Continue to hold all other open positions as-is. Contact us here with fills, comments, questions or concerns. Regards,
Lee Let's Grab That Cash!