9:00am (EST)
Shares of CSCO are down just 3% since we entered the position but the near-term puts have cleared triple-digits. A breakdown out of the trading range will produce lower lows for continued profits. If shares rebound, we will be stopped out for a sweet double-digit win. Let’s go check the details.
Trade Alert!
Cisco Systems (CSCO, $52.20, down $0.73)
CSCO November 53 puts (CSCO231110P00053000, $1.30, up $0.30)
Entry Price: $0.60 (10/18/2023)
Exit Target: $1.20, raise to $1.80
Return: 117%
Stop Target: 80 cents, raise to $1.10 (Stop Limit)
Action: Raise the Exit Target from $1.20 to $1.80. Raise the Stop Limit at 80 cents to $1.10 to further protect profits.
