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PIPC Trade Alert: CHWY

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

Action:

  • 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.

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