Citigroup (C) has moved up since we put on our position earlier this week and we are sitting on a great profit. Let’s book it now since you never know what a Friday can bring, especially when trading is light.
Current Stock Price: $73.92
Cash in Hand: $0.46
Action: Buy to close the C Aug Week Two (8/13) 72.50 Put
Current Option Price: $0.08-$0.10
Recommended Limit: Set your initial limit order at $0.09, but adjust as needed to close today
Profit: $0.37, or $37 per contract
Rate of Return: 0.5% in three days, or 62% on an annualized basis