Editor’s note: This is a reminder that there will be no Market Update or Live Trading Sessions next week. We will resume after the Labor Day holiday. Michael will be monitoring open positions and send alerts if needed.
I am recommending we roll our Starbucks (SBUX) and Square (SQ) positions as we continue to work our way back toward breakeven.
SBUX Aug Week Four (8/28) 76 Call
Current Stock Price: $83.70
Cost Basis: $91.32
- Buy to close the SBUX Aug Week Four (8/28) 76 Call for around $7.80
- Sell to open the SBUX Sep Monthly (9/18) 77.50 Call for around $6.80
- Set initial debit limit at $1
New Cost Basis: $92.32
SQ Aug Week Four (8/28) 150 Put
Current Stock Price: $157.30
Net Debit: $6.02
- Buy to close the SQ Aug Week Four (8/28) 150 Put for around $0.08
- Sell to open the SQ Sep Week Two (9/11) 150 Put for around $3.65
- Set initial credit limit at $3.57
New Net Debit: $2.45