Our Chewy (CHWY) call is deep in the money after the run up in the stock over the past two days.
Rather than allow our shares to be called away, I am recommending we roll our call out two weeks and to a higher strike. This will bring in more income and give us the opportunity to capture more potential appreciation.
If you are not currently in a CHWY position, please sit this trade out. I will alert you when it is time to get in.
Note that no action is needed on our Apple (AAPL) Jan Monthly (1/15) 130 Put, Corning (GLW) Jan Monthly (1/15) 37.50 Put or Starbucks (SBUX) Jan Monthly (1/15) 103 Put at this time.
Current Stock Price: $112.01
- Buy to close the CHWY Jan Monthly (1/15) 105 Call for around $7.15
- Sell to open the CHWY Jan Week Five (1/29) 108 Call for around $7.85
- Set your initial credit limit at $0.70 but adjust if needed to roll today
Disclosure: I have positions or trade in and out of AAPL, GLW, CHWY and SBUX.