We rolled our Devon Energy (DVN) put yesterday to generate a large chunk of cash. Today’s pop in the stock sent the put premium down to our target exit price. Let’s close it now rather than hold another two weeks.
Current Stock Price: $48.86
Cash in Hand: $0.99
Action: Buy to close the DVN 14 Jul 47.50 Put for around $0.45, but adjust as needed to close today
Profit: $0.54, or $54 per contract