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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