General Motors (GM) is up nearly 3% today. Let’s book fast profits on our put position.
Current Stock Price: $62.83
Cash in Hand: $0.43
Action: Buy to close the GM Jan Week Two (1/14) 59 Put
Current Option Price: $0.04-$0.05
Recommended Limit: Set your initial limit order at $0.05, but adjust as needed to close today
Profit: $0.38, or $38 per contract
Rate of Return: 0.6% in three days, or 78% on an annualized basis