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TWO WINNERS CHK & FCX – October Option Expiration
The strategy to sell puts is a method to buy stock at a discount or get paid not to… taking advantage of the market fears and volatility with high probability plays.
Below updates the October profit positions that go off the board today.
5% return in month– Chesapeake Energy Sold October $6.00 Put at $0.27. Current CHK price $6.60 so option will expire worthless today as per plan for max profit.
5% return in month– Freeport McMoRan Sold October $9 Put at $0.40. Current FCX price $10.04 so option will expire worthless today as per plan for max profit.
OPTION WHEEL UPDATE
Originally sold SEADRILL May $4 puts for $0.25 http://www.bullseyeoption.com/trade-alert/new-trade-alert-may-2nd-seadrill/ to put break even basis at $3.75.
SDRL stock was assigned with July $4.00 covered call sold for $0.25 June 7th on long shares to lower stock cost again to $3.50
SDRL price is at $2.30. A covered call will be sold in the future to lower cost basis once again.
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