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OIB Trade Alert: BAC, GM

Today’s market runup gives us the opportunity to book excellent short-term profits on Bank of America (BAC) and General Motors (GM). We will likely trade these names again soon.

BAC Jan Week Two (1/8) 30 Put

Current Stock Price: $32.36

Cash in Hand: $0.42

Action: Buy to close the BAC Jan Week Two (1/8) 30 Put

Current Option Price: $0.02-$0.03

Recommended Limit: Set your initial limit order at $0.03, but adjust as needed to close today

Profit: $0.39, or $39 per contract

Rate of Return: 1.3 % in two days, or 237% on an annualized basis

GM Jan Week Two (1/8) 40 Put

Current Stock Price: $42.94

Cash in Hand: $0.38

Action: Buy to close the GM Jan Week Two (1/8) 40 Put

Current Option Price: $0.04-$0.05

Recommended Limit: Set your initial limit order at $0.05, but adjust as needed to close today

Profit: $0.33, or $33 per contract

Rate of Return: 0.8% in two days, or 151% on an annualized basis

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