I am recommending we book a loss on Square (SQ) rather than roll the position out in the current market environment.
This is our first loss after 40 consecutive winning trades on the stock since we began trading it in 2018. And while I plan to trade SQ again, I do not want to be stuck in a position for an extended period of time if the market reverses lower.
Current Stock Price: $67.29
Cash in Hand: $0.47
Action: Buy to close the SQ Nov Monthly (11/18) 67 Put
Current Option Price: $0.66-$0.73
Recommended Limit: Set your initial limit order at $0.70, but adjust as needed to close today
Loss: $0.23, or $23 per contract
Rate of Return: -0.3% in four days, or -31% on an annualized basis