General Motors (GM) has struggled to stay above the $60 price point, despite being ahead of Ford (F) in procuring chips (at least for now) and in its electric vehicle plans. Therefore, we will spend a little cash and roll our put down to a lower strike price.
Current Stock Price: $59.30
Action:
- Buy to close the GM Jul Week One (7/2) 61 Put for around $1.75
- Sell to open the GM Jul Week Two (7/9) 60 Put for around $1.29
- Set your initial debit limit at $0.46, but adjust as needed to roll today
And here’s where we stand with our Perpetual Income Portfolio Club positions heading into the weekend.
AAPL Jul Week One (7/2) 132 Put
Apple (AAPL) has pulled a bit away from the $130 level due to good news on consumer spending in China and a growing belief that the company is going to have a very good second quarter.
Our put is on track to expire worthless tomorrow and we will sell another one next week.
Current Stock Price: $136.12
Action: Watch put expire worthless
CHWY Jul Week One (7/2) 76 Put
Chewy (CHWY) has been unable to stay above $80 but is also in a trading range above the strike price of our current put. We may need to wait for earnings to see a move up in the stock.
Our put is on track to expire worthless tomorrow and we will sell another one next week.
Current Stock Price: $79.03
Action: Watch put expire worthless
TWTR Jul Week One (7/2) 65 Put
Twitter (TWTR) stock is trading very well. The company’s plans to improve its services is moving along and the stock has responded accordingly. I see the stock putting in a new short-term bottom at $67.50.
Our put is on track to expire worthless tomorrow and we will sell another one next week.
Current Stock Price: $67.77
Action: Watch put expire worthless
Disclosure: I have positions or trade in and out of AAPL, CHWY, GM and TWTR.