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OIB Trade Alert: GM

Our General Motors (GM) Jan Monthly (1/20) 38 Put is in the money. I am recommending we accept shares.

The plan is to sell an at-the-money call next week with the goal of being called out of shares. We will then re-enter the position after the company’s earnings report, which is scheduled for Jan. 31.

Despite the position being underwater, GM is grossly undervalued and a tremendous cash generator. We will continue to trade this core position throughout 2023.

Current Stock Price: $35.67

Net Debit: $9.32

Action: Accept shares

Cost Basis: $47.32

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

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