I am recommending we roll the short leg of our Target (TGT) LEAP call spread to a lower strike to generate more income.
Note: No action is needed on the TGT Jan 2023 (1/20/23) 200 Call at this time.
Current Stock Price: $244.16
Cost Basis: $57.93
- Buy to close the TGT Sep Week Two (9/10) 255 Call for around $0.11
- Sell to open the TGT Sep Week Two (9/10) 247.50 Call for around $0.50
- Set initial credit limit at $0.39
New Cost Basis: $57.54