Target (TGT) has spiked, so I am recommending we roll our short call to a higher strike to avoid being called out and to capture more potential appreciation.
Note that no action is needed on the TGT Jan 2023 (1/20/23) 200 Call at this time.
Current Stock Price: $252.70
Cost Basis: $55.17
- Buy to close the TGT Oct Week Five (10/29) 240 Call for around $13.30
- Sell to open the TGT Nov Monthly (11/19) 250 Call for around $9.20
- Set initial debit limit at $4.10, but adjust as needed to roll today
New Cost Basis: $59.27