There has been no shortage of volatility this morning. Good news in the tech sector has been just enough to keep the major indexes as traders are still fearful that the Fed won't cut rates later this year.
Because there have been some wide price swings today, we recommend setting a limit order to close the Realty Income Corp (O) puts at $0.40 per share. The price has already spiked above that level once today, and we may be able to catch that price again in the short term.
It's usually good to "let winners run," but because this is a bearish trade in a (mostly) bullish market, we think setting an order to close the position when profits are available is the right approach.
So, we recommend you...
Sell to close the O Mar. 15, 2024 $50 Puts (O240315P00050000) with a "Good Till Canceled" limit order of $0.40 per share.
At the time this alert was written, the puts were trading for $0.30.
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Sincerely,
John Jagerson & Wade Hansen Analysts, Predictive Alpha Options
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