Our Chewy (CHWY) put expired worthless last week, so I am recommending another one today.
Apple (AAPL) is scheduled to report earnings today after the close. I will recommend a put to sell once we see how traders react.
I am waiting for a bounce in General Motors (GM) before selling a call on our uncovered shares.
Finally, no action is needed on our Twitter (TWTR) Jul Week Five (7/30) 68 Put at this time.
Current Stock Price: $84.25
Action: Sell to open the CHWY Jul Week Five (7/30) 80 Put
Current Option Price: $0.42-$0.45
Recommended Limit: Set your initial limit order at $0.43
Note: Option prices tend to move around more than stock prices, so the prices you see when you receive this alert may be different than what I am seeing now. The most frequent concern I hear from members is “missing the trade” — i.e., not getting the limit price I recommend within a few minutes of placing the order.
It is important to be patient with these trades. Begin with my recommended limit for each trade, and if you need to adjust it slightly in a few hours to get in, you can do so.
The Perpetual Income Engine strategy involves selling options every week, so while a few pennies can be important to your short-term return, getting the trade executed is more important over the long run. Use your judgment as to when to adjust the trade after you place your initial order, but give it some time before doing so.
Disclosure: I have positions or trade in and out of AAPL, CHWY, GM and TWTR.