I am recommending we roll our Citigroup (C) put out two weeks to buy some time and generate a little income that will reduce our net debit on the position.
Current Share Price: $46.26
Net Debit: $15.14
Action:
- Buy to close the C Jun Monthly (6/17) 50 Put for around $3.75
- Sell to open the C Jul Week One (7/1) 50 Put for around $3.90
- Set your initial credit limit at $0.15, but adjust as needed to roll today
New Net Debit: $14.99
Expiration: After the close on Friday, July 1
Potential Rate of Return: I am targeting breakeven for this position