Chewy (CHWY) has again found support above $50, putting our call position in the money. Let’s roll it for more cash and to a higher strike price.
Current Stock Price: $52.87
- Buy to close the CHWY Aug Week One (8/14) 49 Call for around $4
- Sell to open the CHWY Aug Monthly (8/21) 49.50 Call for around $4.20
- Set your initial credit limit at $0.20, but adjust as needed to roll today
And here’s where we stand with our Perpetual Income Portfolio Club positions heading into the weekend.
Applied Materials (AMAT) announced excellent earnings yesterday. Revenue and profits beat estimates and the company’s forecast bodes well for the entire industry. I want the stock to settle in a before opening a position and will recommend a new put trade next week.
Current Stock Price: $67.91
Action: No action is needed at this time
GILD Aug Week Two (8/14) 69 Call
Gilead Sciences (GILD) continues to struggle to go back above $70 and our call is on track to expire worthless. I still see this as one of the best stocks anyone can own and trade as it is undervalued and the option chains are rich in premium. We will sell another call early next week.
Current Stock Price: $68.37
Action: Watch call expire worthless
TGT Aug Week Two (8/14) 125 Put
Target (TGT) has broken out as the market has shifted to economic growth stocks including winners in the retail sector. Our put is on track to expire worthless and we will sell another one next week.
Current Stock Price: $136.00
Action: Watch put expire worthless
Disclosure: I have positions or trade in and out of AMAT, CHWY, GILD and TGT.