I am recommending a new put to sell on Nike (NKE) to reduce our net debit on the position. We are deep underwater, but Nike is fundamentally sound.
The company is scheduled to announce earnings on June 27. Depending on the report and how the market reacts, we will either continue to sell puts or use a bull call spread strategy to get back to breakeven or profitability.
You can enter today’s trade even if you were not in the previous one. Just be aware that we will be managing and tracking it based on the ongoing position.
Current Stock Price: $120.31
Net Debit: $17.66
Action: Sell to open the NKE Jun Week Four (6/24) 115 Put for around $1.41, but adjust as needed to sell a put today
New Net Debit: $16.25