ACTION:
Buy to open the X May 21 puts (X150515P00021000, $0.60, up $0.03) at current levels.
Dear Momentum Options Subscriber,
I haven’t added too many bearish trades this year, but I have found one I really like as protection against continued market weakness.
It is a bold trade on a stock that is breaking out on all the wrong reasons. Shares could come crashing back to reality to test $20 after pushing $25 today.
US Steel (X, $24.65, down $0.16)
Buy to open the X May 21 puts (X150515P00021000, $0.60, up $0.03) at current levels.
I like these put options at current levels. These are the regular monthly options that expire on May 15. I will provide the parameters of the trade in the Mid-Market Update.
All prices given in this update are current as 10:55 a.m. EST.
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