I am recommending we close our Apple (AAPL) and Corning (GLW) positions with modest profits. Both companies are scheduled to report earnings next week, so I do not want to roll out.
AAPL Oct Week Four (10/23) 115 Put
Current Stock Price: $115.63
Cash in Hand: $1.25
Action: Buy to close the AAPL Oct Week Four (10/23) 115 Put
Current Option Price: $0.91-$0.93
Recommended Limit: Set your initial limit order at $0.92, but adjust as needed to close today
Profit: $0.33, or $33 per contract
Rate of Return: 0.3% in three days, or 35% on an annualized basis
GLW Oct Week Four (10/23) 35 Put
Current Stock Price: $35.19
Cash in Hand: $0.39
Action: Buy to close the GLW Oct Week Four (10/23) 35 Put
Current Option Price: $0.19-$0.23
Recommended Limit: Set your initial limit order at $0.21, but adjust as needed to close today
Profit: $0.18, or $18 per contract
Rate of Return: 0.5% in three days, or 63% on an annualized basis