I am recommending we roll our Citigroup (C) put out one week to buy time and generate more income.
If you are not currently in the trade and would like to enter today, you can sell the second leg. Just be aware that we will be tracking and managing it based on the ongoing position.
Current Stock Price: $68.36
Net Debit: $3.30
- Buy to close the C Feb Week Two (2/11) 65 Put for around $0.04
- Sell to open the C Feb Monthly (2/18) 67 Put for around $0.49
- Set initial credit limit at $0.45, but adjust as needed to roll today
New Net Debit: $2.85
Expiration: After the close on Friday, Feb. 18
Potential Rate of Return: I am targeting breakeven for this position