Short Term Metal Trade

Shares of US Steel Corp (X) are trading at $28.69 and have been see-sawing between $21 and $30 in a tight up and down pattern as you can see from the chart below.  The stock doesn't hold it's gains for more than a few weeks and profit taking has put pressure on the price to consistently draw down the price by about 20% each time this year.

We are betting that this happens again even though the stock may rise a little more from current prices.

We bought the July $28 Puts on X for $1.87, and expect to be in this trade for a short period of time likely just a few weeks at most.