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OIB Trade Alert: C

I am recommending we roll our Citigroup (C) put out two weeks to avoid assignment and more than double our cash in hand.

Current Stock Price: $71.57

Cash in Hand: $0.71

Action:

  • Buy to close the C Oct Week Four (10/22) 72 Put for around $0.53
  • Sell to open the C Nov Week One (11/5) 72 Put for around $1.75
  • Set initial credit limit at $1.22, but adjust as needed to roll today

New Cash in Hand: $1.93

Expiration: After the close on Friday, Nov. 5

Potential Rate of Return: 2.7% in 18 days, or 54% annualized, if this option expires worthless

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