Bank of America (BAC) is running up today. Let’s pounce on this opportunity to close our put.
Our patience and active recovery strategy once again paid off, as we will be exiting the position with a profit.
Current Stock Price: $44.45
Cash in Hand: $0.45
Action: Buy to close BAC Oct Week Two (10/8) 42.50 Put
Current Option Price: $0.08-$0.09
Recommended Limit: Set your initial limit order at $0.09, but adjust as needed to close today
Profit: $0.36, or $36 per contract
Rate of Return: 0.8% in 120 days, or 3% on an annualized basis