Expedia (EXPE) is up more than 3% today following strong earnings from Delta Air Lines (DAL), and the premium on the put we sold has fallen below our target exit price.
Let’s book profits now, earning a 0.5% return in two days, or 90% annualized.
Current Stock Price: $119.61
Cash in Hand: $0.91
Action: Buy to close the EXPE 21 Jul 113 Put for around $0.35, but adjust as needed to close today
Profit: $0.56, or $56 per contract