Delta Air Lines (DAL) is up today, allowing us to book profits on the position we opened yesterday with a triple-digit annualized rate of return.
Current Stock Price: $31.96
Cash in Hand: $0.32
Action: Buy to close the DAL Aug Week One (8/5) 29.50 Put
Current Option Price: $0.11-$0.12
Recommended Limit: Set your initial limit order at $0.12, but adjust as needed to close today
Profit: $20, or $20 per contract
Rate of Return: 0.7% in two days, or 124% on an annualized basis