I don’t like the way JPMorgan Chase (JPM) is trading. Therefore, rather than roll our in-the-money put and hold a position over the weekend, I am recommending we buy back the put now.
We will carry over a net debit on the position. I will recommend a new put to sell once we see if the stock holds the $130 level.
Current Stock Price: $128.91
Cash in Hand: $0.02
Action: Buy to close the JPM Apr Week Four (4/22) 130 Put for around $1.25, but adjust as needed to close today
Net Debit: $1.23