Bank stocks took a hit this week. I am recommending we roll our JPMorgan Chase (JPM) put out one week to avoid potential assignment and generate more cash.
Current Stock Price: $117.28
Cash in Hand: $0.10
- Buy to close the JPM May Week Two (5/13) 120 Put for around $3
- Sell to open the JPM May Monthly (5/20) 120 Put for around $4.30
- Set initial credit limit at $1.30, but adjust as needed to roll today
New Cash in Hand: $1.40