I am recommending we roll our JPMorgan Chase (JPM) put to a higher strike while keeping the expiration date the same to reduce our net debit.
And let’s book a profit on our JPM spread.
JPM Apr Week Four (4/22) 120 Put
Current Stock Price: $130.50
Net Debit: $0.50
Action:
- Buy to close the JPM Apr Week Four (4/22) 120 Put for around $0.03
- Sell to open the JPM Apr Week Four (4/22) 127 Put for around $0.35
- Set initial credit limit at $0.32, but adjust as needed to roll today
New Net Debit: $0.18
JPM Apr Week Five (4/29) 120/115 Put Spread
Cashin Hand: $0.38
Action:
- Buy to close the JPM Apr Week Five (4/29) 120 Put for around $0.22
- Sell to close the JPM Apr Week Five (4/29) 115 Put for around $0.08
- Set initial credit limit at $0.14, but adjust as needed to roll today
Profit: $0.24, or $24 per spread