I am recommending we close our Moderna (MRNA) put, booking a small profit on the position that we began during the November round of Income Madness. We started off with a spread position, which we rolled several times before switching to a put in an attempt to get back to breakeven faster, albeit tying up more capital in the process.
Since we entered the position on Nov. 4, MRNA is down around 45%. By using an active recovery strategy, we were able to avoid taking a big loss.
Note that we still have a net debit on MRNA in the Income Masters program. I will be recommending a new put to sell on the stock today.
Current Stock Price: $156.53
Cash in Hand: $0.59
Action: Buy to close the MRNA Jul Monthly (7/15) 120 Put for around $0.24, but adjust as needed to close today
Profit: $0.35, or $35 per contract