ACTION:

Buy to open the CBI October 27.50 puts (CBI161021P00027500) for a maximum price of $1.30.

Dear Momentum Options Subscriber,

I have a New Trade for the portfolio this morning on a name that continues to fold like a cheap lawn chair. I want to use put options to play the continued breakdown to fresh 52-week lows.

 

Chicago Bridge & Iron (CBI, $28.07, down $0.36)

Buy to open the CBI October 27.50 puts (CBI161021P00027500) for a maximum price of $1.30.

Action: I like these put options at current levels, and you can use a Limit Order up to $1.30 to get the best fills.

These are the regular monthly options that expire on Oct. 21. I will provide the parameters of the trade in today’s Mid-Market Update.

 

I hereby disclose that I will be participating in the aforementioned trade(s).

Trade on!

Rick Rouse
Editor and Chief Options Strategist
Momentum Options