Applied Materials Inc. (AMAT) has popped up significantly as Treasury yields have fallen in the aftermath of the Federal Reserve's latest monetary policy statement.
Closing the trade now will allow us to take a solid profit off the table and eliminate the risk of the stock dropping back down before expiration on Friday, Nov. 10.
We recommend you…
Buy to close the AMAT Nov. 10, 2023 $134 Puts (AMAT231110P00134000) with a limit order set at $1.10, or the current market price if it is lower.
For traders who entered a short vertical put spread, we recommend the following...
Buy to close the AMAT Nov. 10, 2023 $134 Puts (AMAT231110P00134000) with a limit order set at $1.10, or the current market price if it is lower.
Sell to close the AMAT Nov. 10, 2023 $126 Puts (AMAT231110P00126000) with a limit order set at your original entry price, or the current market price if it is higher.
We'll be back with you soon.
Regards,
John Jagerson & Wade Hansen Analysts, Predictive Alpha Options
TradeSmith is not registered as an investment adviser and operates under the publishers' exemption of the Investment Advisers Act of 1940. The investments and strategies discussed in TradeSmith's content do not constitute personalized investment advice. Any trading or investment decisions you take are in reliance on your own analysis and judgment and not in reliance on TradeSmith. There are risks inherent in investing and past investment performance is not indicative of future results.
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