As expected, Corning (GLW) found support and is climbing back up. If ever a position demonstrated there is nothing wrong with selling an in-the-money-put, this is it!
Let’s book profits now.
Current Stock Price: $37.41
Cash in Hand: $1.54
Action: Buy to close the GLW Jan Monthly (1/15) 37 Put
Current Option Price: $0.46-$0.48
Recommended Limit: Set your initial limit order at $0.47, but adjust as needed to close today
Profit: $1.07, or $107 per contract
Rate of Return: 2.9% in 17 days, or 62% on an annualized basis