Advance Auto Parts (AAP) is up more than 2% today, and the premium on the put we sold has fallen below our target exit price.
Let’s book profits now and free up more cash for Income Madness.
Current Stock Price: $72.81
Cash in Hand: $0.65
Action: Buy to close the AAP 18 Aug 68 Put for around $0.30, but adjust as needed to close today
Profit: $0.35, or $35 per contract