Skechers (SKX) is down around 5% over the past week, but that is less than the broader market and other footwear stocks. With shares rallying today in the face of a broader market sell-off, I am recommending a new trade on the stock.
Given that I see short-term support at $35, I am going with a strike at that level, which is about 3% out of the money.
Current Stock Price: $36.13
Action: Sell to open SKX May Monthly (5/20) 35 Put for around $0.80. You can go as low as $0.70, but please don’t start there and always use limit orders.