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OIB Trade Alert: GM

General Motors (GM) sold off more than 10% in the final two weeks of 2022. While shares are moving higher in the new year, our put is in the money.

I am recommending we roll out two weeks to avoid potential assignment and buy time for the stock to recover.

Current Stock Price: $35.46

Net Debit: $9.52

Action:

  • Buy to close the GM Jan Week One (1/6) 38 Put for around $2.53
  • Sell to open the GM Jan Monthly (1/20) 38 Put for around $2.72
  • Set your initial credit limit at $0.19, but adjust as needed to roll today

New Net Debit: $9.33

Expiration: After the close on Friday, Jan. 20

Potential Rate of Return: I am targeting breakeven for this position

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