Corning (GLW) has been running up over the past few days but there’s no way to know whether this move will hold. Let’s book profits on our position now. We will look to trade the stock again soon.
Current Stock Price: $35.58
Cash in Hand: $0.72
Action: Buy to close the GLW Oct Monthly (10/16) 33.50 Put
Current Option Price: $0.11-$0.13
Recommended Limit: Set your initial limit order at $0.12, but adjust as needed to close today
Profit: $0.60, or $60 contract
Rate of Return: 1.8% in 23 days, or 29% on an annualized basis