Pfizer (PFE) sold off this week but appears to have found a bottom at $55. I am recommending we roll our put out one week to generate more cash. This income should get us to breakeven.
Current Stock Price: $55.35
Net Debit: $0.33
Action:
- Buy to close the PFE Jan Week One (1/7) 58 Put for around $2.77
- Sell to open the PFE Jan Week Two (1/14) 58 Put for around $3.10
- Set your initial credit limit at $0.33, but adjust as needed to roll today
Cash in Hand: $0
Expiration: After the close on Friday, Jan. 14
Potential Rate of Return: I am targeting breakeven for this position