The premium on the long-term Cheniere Energy (LNG) put we sold has fallen to our target exit price. Let’s close it now, booking more than 70% of the max profit and freeing up capital for Income Madness, which starts tomorrow.
The liquefied natural gas exporter recently reported better-than-expected second-quarter earnings and raised its full-year profit outlook. We may look to trade it again soon.
Current Stock Price: $168.45
Cash in Hand: $1.40
Action: Buy to close the LNG 15 Sep 145 Put for around $0.40, but adjust as needed to close today
Profit: $1, or $100 per contract