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Income Masters Trade Alert: SMH, TGT

We purchased protective puts on our VanEck Vectors Semiconductor ETF (SMH) and Target (TGT) LEAP call spreads to hedge against the Federal Reserve announcement.

We’re going to be selling the protective puts and rolling the SMH call.  

SMH Jan 2023 (1/20/23) 250/May Monthly (5/20) 260 Call Spread
SMH May Week One (5/6) 220 Put

Note: No action is needed on the SMH Jan 2023 (1/20/23) 250 Call at this time.

Current Stock Price: $236.22

Cost Basis: $57.26

Action: 

  • Sell to close the SMH May Week One (5/6) 220 Put for around $0.25, but adjust as needed to close today 
  • Buy to close the SMH May Week One (5/6) 260 Call for around $0.02
  • Sell to open the SMH May Monthly (5/20) 250 Call for around $3.10
  • Set initial credit limit at $3.17, but adjust as needed to roll today

New Cost Basis: $53.84

TGT Jan 2023 (1/20/23) 200/May Monthly (5/20) 232.50 Call Spread
TGT May Week One (5/6) 220 Put

Note: No action is needed on the TGT Jan 2023 (1/20/23) 200 Call or TGT May Monthly (5/20) 232.50 Call at this time.

Current Stock Price: $229.58

Coat Basis: $51.04

Action: Sell to close the TGT May Week One (5/6) 220 Put for around $0.32 but adjust as needed to close today

New Cost Basis: $50.72

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