[Entering Puts on Formfactor (FORM)]
Dear Member:
Formfactor (FORM) has been struggling without success to break a resistance and is showing some signs that it may be ready for a retracement before making another try. I like the Jul 45 puts (AFUSI) which are about $1.40 in the money and currently have a delta of approximately -.46. Buy limit for me on the Jul 45 puts is $4.90 on a day order. If the stock breaks above $45.15, I believe that would be reason to take a loss and exit. The first downside support on the stock is in the vicinity of $42.
DISCLOSURE: At the time of publication, I have no position in FORM.
Sincerely,
Bill Kraft
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