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OIB Trade Alert: C

Citigroup (C) sold off after the Federal Reserve announcement last week, prompting us to accept shares. Today, I am recommending we sell a call to reduce our cost basis on this core stock.

Note that this trade is only for people who already own shares of C uncovered from a previous position.

Current Stock Price: $68.10

Cost Basis: $70.07

Action: Sell to open the C Nov Monthly (11/19) 69 Call

Current Option Price: $0.76-$0.78

Recommended Limit: Set your initial limit order at $0.77, but adjust as needed to sell a call today

Expiration: After the close on Friday, Nov. 19

New Cost Basis: $69.30

Potential Rate of Return: I am targeting breakeven for this position

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