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OIB Trade Alert: SONO

I am recommending we roll our Sonos (SONO) put out one week and to a lower strike to buy time and generate more income.

Current Stock Price: $37.91

Cash in Hand: $0.40

Action:

  • Buy to close the SONO Sep Week Two (9/10) 38.50 Put for around $0.78
  • Sell to open the SONO Sep Monthly (9/17) 38 Put for around $0.98
  • Set initial credit limit at $0.20, but adjust as needed to roll today

New Cash in Hand: $0.60

Expiration: After the close on Friday, Sept. 17

Potential Rate of Return: 1.6% in 10 days, or 58% annualized, if this option expires worthless

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