Our General Motors (GM) Feb Week Two (2/11) 57.50 Put is deep in the money and the math of rolling no longer makes sense. Therefore, I am recommending we accept shares and will sell calls against them to generate income.
I remain bullish on this core stock and believe it will bounce back. In the meantime, we will continue collecting cash.
Current Stock Price: $50.67
Cash in Hand: $1.75
Action: Accept shares
Cost Basis: $55.75
Potential Rate of Return: I am targeting breakeven for this position