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Income Masters Trade Alert: JPM

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

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