[Moving stop on SWY Dec 25 Puts/Sell SWY Dec 25 Puts (SWYXE) contingent on SWY stock price exceeding $22.40]
Dear Member,
Yesterday, I got out of the call side of the Dec 25 straddle on Safeway (SWY). Today, the stock has moved down a bit more so I am tightening my stop on the Dec 25 Puts (SWYXE) I own. I now have a stop order to sell the Dec 25 Puts (SWYXE) contingent on the stock exceeding $22.40. Assuming no unanticipated gap up, I am currently in a profitable position on these puts and a profitable position in the overall straddle taking into account the loss on the call side as well.
DISCLOSURE: At the time of publication, I had a long position in the referenced Dec 25 Puts (SWYXE) on Safeway (SWY).
Sincerely,
Bill Kraft
CutLoss, Inc
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