I recommended selling our Chewy (CHWY) shares earlier this week to avoid earnings risk. Now that the announcement is out, I am recommending a new put to reduce our net debit on the position.
You can sell a put today even if you were not in the previous position. Just be aware that we will be managing and tracking it as an ongoing position.
Current Stock Price: $82.65
Net Debit: $6.64
Action: Sell to open the CHWY Apr Week Two (4/9) 80 Put for around $1.63
New Net Debit: $5.01