There were 9 stocks on the watch list for today.
Lululemon Athletica Stock (LULU)
The stock is back under more selling pressure today pushing it down below the $315 support level to 311 this morning.
The plan was to sell the Nov 20 expiry $300 put strike. With the drop I was able to move lower. This is the start of what could be a larger position if the stock keeps falling.
Trade 1:
Sold 2 put contracts for Nov 20 at the $280 put strike for an average of $1.055 and bought 2 of the $260 put strike for an average of $0.155
I would not enter this trade without the long puts in place unless you would own shares as there is a possibility the stock could continue to fall. $300 is the next support level at present if $315 breaks.
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