With Corning (GLW) running higher this week, I am recommending we ladder up our put to generate more income.

Current Stock Price: $34.59

Cash in Hand: $0.49

Action:

• Buy to close the GLW Oct Week Two (10/9) 32.50 Put for around $0.07
• Sell to open the GLW Oct Monthly (10/16) 33.50 Put for around $0.30
• Set your initial credit limit at $0.23, but adjust as needed to roll today

New Cash in Hand: $0.72

Expiration: After the close on Friday, Oct. 16

Potential Rate of Return: 2.1% in 31 days, or 25% on an annualized basis, if this option expires worthless