WLT playing a rebound off support.

WLT playing a rebound off support.

WLT has strong support at $56.80. I was expecting a bounce in the coal sector and WLT has been one of the strongest. On Thursday I sold the March 57.50 put for $1.11.
WLT had an explosive move on Friday. It moved faster than I had anticipated. So I decided to buy back the put for .36 and closed the trade for a 67.57% gain after fees.

Trade Details

  • The Ticker:     WLT
  • Target Price: 63.50 per share
  • The Trade
  • Sell to Open Mar 2012 57.50 Puts at 1.10 or better
  • Trade Opened: March 10, 2012

Chart courtesy Finviz. Click to open larger.

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