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OIB Trade Alert: CHWY, GLW, JPM

I am recommending we roll our Chewy (CHWY) and Corning (GLW) puts. And let’s book profits on our JPMorgan Chase (JPM) position.

CHWY Oct Monthly (10/16) 63 Put

Current Stock Price: $63.72

Cash in Hand: $0.48

Action:

  • Buy to close the CHWY Oct Monthly (10/16) 63 Put for around $0.69
  • Sell to open the CHWY Oct Week Four (10/23) 62 Put for around $1.48
  • Set your initial credit limit at $0.79, but adjust as needed to roll today

New Cash in Hand: $1.27

Expiration: After the close on Friday, Oct. 23

Potential Rate of Return: 2% in 11 days, or 68% on an annualized basis, if this option expires worthless

GLW Oct Monthly (10/16) 34.50 Put

Current Stock Price: $34.30

Cash in Hand: $0.49

Action:

  • Buy to close the GLW Oct Monthly (10/16) 34.50 Put for around $0.36
  • Sell to open the GLW Oct Week Four (10/23) 34.50 Put for around $0.72
  • Set your initial credit limit at $0.36, but adjust as needed to roll today

New Cash in Hand: $0.85

Expiration: After the close on Friday, Oct. 23

Potential Rate of Return: 2.5% in 11 days, or 82% on an annualized basis, if this option expires worthless

JPM Oct Monthly (10/16) 100 Put

Current Stock Price: $101.39

Cash in Hand: $0.78

Action: Buy to close the JPM Oct Monthly (10/16) 100 Put

Current Option Price: $0.29-$0.31

Recommended Limit: Set your initial limit order at $0.30, but adjust as needed to close today

Profit: $0.48, or $48 per contract

Rate of Return: 0.5% in three days, or 59% on an annualized basis

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