I am recommending we close the protective put we purchased on Apple (AAPL) and roll the short leg of the LEAP call spread to a lower strike.
I am also recommending a call to sell against our uncovered SPDR S&P Regional Banking ETF (KRE) shares.
AAPL Sept 2022 Call (9/16/22) 120/Aug Week One (8/6) 152.50 Call Spread
AAPL Jul Week Five (7/30) 144 Put
Note: No action is needed on the AAPL Sept 2022 Call (9/16/22) 120 Call at this time.
Current Stock Price: $145.53
Cost Basis: $34.07
- Sell to close the AAPL Jul Week Five (7/30) 144 Put for around $0.27
- Buy to close the AAPL Aug Week One (8/6) 152.50 Call for around $0.22
- Sell to open the AAPL Aug Week One (8/6) 149 Call for around $0.64
- Set initial credit limit at $0.42
New Cost Basis: $33.38
KRE Uncovered Shares
Current Stock Price: $63.62
Cost Basis: $68.39
Action: Sell to open the KRE Aug Week One (8/6) 64 Call for around $0.89
New Cost Basis: $67.50