I am recommending we book profits on our SPDR S&P Regional Banking ETF (KRE) put.
While we still have a week till expiration, we have exceeded our rate of return goal. Plus, we have a number of other positions in the financial sector and a Federal Reserve meeting on the horizon.
Current Stock Price: $61.59
Cash in Hand: $0.39
Action: Buy to close the KRE Jul Week Five (7/29) 58 Put
Current Option Price: $0.18-$0.20
Recommended Limit: Set your initial limit order at $0.19, but adjust as needed to close today
Profit: $0.20, or $20 per contract
Rate of Return: 0.3% in three days, or 42% on an annualized basis