At the time of this writing, the market is down significantly.
Looking at the Pfizer (Ticker: PFE) stock chart, it is holding up very well.
PFE has traded down since its high of $51.86 on August 18th, closing Monday at $44.20.
I think PFE is ready to bounce here.
If it opens and trades higher, I will be a buyer of the Oct. 1 44-strike calls paying up to $1.03.
If these trade below $0.70, I will be out. I will begin taking profits at $2.00.
So over the weekend, I recommended buying a SPDR S&P 500 (Ticker: SPY) put spread and called SPY trading down to $436. I did not expect it to gap down and open there. So no trade was executed.
Thanks for Reading … See You Next Tuesday!