In markets such as this, we want to sell into the move.
We opened the Glu Mobile Inc. (NASDAQ: GLUU) June 19, 2020, $7 call before the big market drop in March.
We still have 63 days on this position before expiration.
But, we don't trade options to tie up capital and inventory positions for that amount of time.
We look for quick profit opportunities.
The recent rally has brought prices right back to our entry point.
Getting back to even isn’t a win, but it’s best we exit this position.
By exiting we can use our capital for a better opportunity.
Closing this trade right now will scratch this position.
Here's what we're doing...
Action to Take:
You can also call your broker and say, "I want to sell to close GLUU June 19, 2020, $7 call with a $1.30 limit or better."