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Income Masters Trade Alert: FSLR, QS, TGT, WDC

I am recommending we close our First Solar (FSLR) and Western Digital (WDC) puts at a profit.

Our QuantumScape (QS) call is on track to expire worthless. The stock has sold off sharply since we initiated the position in early April. As I said then, QuantumScape is a speculative company, as well as a speculative stock. It is unlikely to recover soon, so I plan to recommend selling our shares at a loss on the next bounce.

With Target (TGT) running up this week, I am recommending we roll the short leg of our LEAP call spread to a higher strike. We will collect more cash for doing so.

FSLR Jul Week Two (7/9) 90 Put

Current Stock Price: $91.56

Cash in Hand: $0.64

Action: Buy to close the FSLR Jul Week Two (7/9) 90 Put for around $0.12

Profit: $0.52, or $52 per contract

QS Jul Week Two (7/9) 29.50 Call

Current Stock Price: $24.69

Cost Basis: $34.34

Action: Watch call expire worthless

TGT Mar Monthly (3/18) 200/Jul Week Two (7/9) 250 Call Spread

Note: No action is needed on the TGT Mar Monthly (3/18) 200 Call at this time.

Current Stock Price: $248.87

Cost Basis: $51.50

Action:

  • Buy to close the TGT Jul Week Two (7/9) 250 Call for around $0.27
  • Sell to open the TGT Jul Monthly (7/16) 252.50 Call for around $1
  • Set initial credit limit at $0.73

New Cost Basis: $50.77

WDC Jul Week Two (7/9) 68.50 Put

Current Stock Price: $69.77

Cash in Hand: $0.54

Action: Buy to close the WDC Jul Week Two (7/9) 68.50 Put for around $0.11

Profit $0.43, or $43 per contract

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