ACTIONS:

Take profits and sell to close the first half of the X July 21 puts at current levels.

Set a Stop Limit at $0.25 on the second half of the X July 21 puts.

Dear Momentum Options Subscriber,

Shares of US Steel (X, $21.98, down $0.43) are below $22, and our put option trade from Tuesday is up 61%. Let’s take partial profits.

 

US Steel (X, $21.98, down $0.43)

X July 21 puts (X150717P00021000, $0.45, up $0.10)

Entry Price: $0.28 (6/23/2015)

Exit Target: $0.60

Return: 61%

Stop Target: $0.25 (Stop Limit)

Take profits and sell to close the first half of the X July 21 puts at current levels. Also, set a Stop Limit at $0.25 on the second half of the position.

I want to lock in profits and make this a risk-free trade going forward. The puts have traded to a high of $0.46 today.

 

All prices given in this update are current as 3:30 p.m. EST.

I hereby disclose that I will be participating in the aforementioned trade(s). Every new Momentum Options recommendation is listed with the price at which I entered my own position. If the price is slightly different than my recommended entry or exit price when you receive the alert, don’t let that keep you from getting into or out of a trade. Occasionally, you might even get a better “fill” price than what is posted in the Open Trades and Closed Trades.

Trade on!

Rick Rouse
Editor and Chief Options Strategist
Momentum Options