Close the Best Buy trade for a 40% Gain

aplus's picture

On June 6th we bought the August $30 Puts on BBY for $1.32. While we think this stock has more room to go down we are going to take advantage of the drop today and close this position. We are selling the Best Buy August $30 Puts for $1.85 right now, for a gain of 40% in 7 days.

We'd hold on to this position longer, however markets across the globe were down 2 to 3+% earlier today and last night, and the US markets were up a little earlier today and are down only 0.5% right now. The relative strength in the US is propping our markets up for a little longer than makes sense.

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