Not only has today's strength in this stock put us at the level that we want to exit, but it also has earnings risk.

CVS is due to release earnings before the market open August 4th.

Here's what I'm doing…

Sell-to-close the CVS Aug 6th, 2021, $81.50/78.50 put spread

At last glance, the spread is trading at $0.40.

If filled at that price, it's a 69% loss from entry at $1.11.