I am recommending we roll our JPMorgan Chase (JPM) put to buy time for shares to recover.
However, I think it’s best to close our JPM bull put spread rather than roll it.
JPM Dec Week One (12/3) 165 Put
Current Stock Price: $161.01
Cash in Hand: $1.58
Action:
- Buy to close the JPM Dec Week One (12/3) 165 Put for around $4.15
- Sell to open the JPM Dec Monthly (12/17) 165 Put for around $6.05
- Set initial credit limit at $1.90, but adjust as needed to roll today
New Cash in Hand: $3.48
JPM Dec Week One (12/3) 160/155 Put Spread
Cash in Hand: $0.32
Action:
- Buy to close the JPM Dec Week One (12/3) 160 Put for around $0.46
- Sell to close the JPM Dec Week One (12/3) 155 Put for around $0.07
- Set initial debit limit at $0.39, but adjust as needed to close today
Loss: $0.07, or $7 per contract