Below are the trades from today’s Income Madness Live Trading Session.
Action on Existing Positions
I am recommending we roll our CVS Health (CVS) put and book profits on YETI Holdings (YETI).
CVS May Week Two (5/14) 85 Put
Current Stock Price: $84.13
Cash in Hand: $0.75
Action:
- Buy to close the CVS May Week Two (5/14) 85 Put for around $0.91
- Sell to open the CVS May Monthly (5/21) 85 Put for around $1.42
- Set initial credit limit at $0.51, but adjust as needed to roll today
New Cash in Hand: $1.26
YETI May Monthly (5/21) 80 Put
Current Stock Price: $87.98
Cash in Hand: $1.20
Action: Buy to close the YETI May Monthly (5/21) 80 Put for around $0.37, but adjust as needed to close today
Profit: $0.83, or $83 per contract
New Positions
TRADE ONE: Sell to open the Moderna (MRNA) May Monthly (5/21) 150 Put for around $2.36. You can go as low as $2.10, but please don’t start there and always use limit orders. (Current stock price: $158.45)
TRADE TWO: Sell to open the ChargePoint Holdings (CHPT) May Monthly (5/21) 20 Put for around $0.28. You can go as low as $0.23, but please don’t start there and always use limit orders. (Current stock price: $21.76)
TRADE THREE: Sell to open the Advanced Micro Devices (AMD) May Monthly (5/21) 73 Put for around $0.77. You can go as low as $0.71, but please don’t start there and always use limit orders. (Current stock price: $74.68)
TRADE FOUR*: Sell to open the Microsoft (MSFT) May Monthly (5/21) 240 Put for around $0.89 and buy to open MSFT May Monthly (5/21) 230 Put for around $0.27. Set initial credit limit at $0.62. (Current stock price: $247.90).
*If you are new to spread trading, please watch my Bull Put Spread Coaching Session before entering the trade.
