Sold Short 3 BAC Jan 10 $15 Puts (BYOMO) @ $.59 which brought in $164.74 after commissions.
I will be on the hook the third week of January to buy 300 shares of BAC at $15 or $4,500 if the stock is trading below $15. With the premium I took in and not including commissions it will be $14.41 or with commission it would be $14.52 which would be protection of 5.65% to downside with today's close of $15.39.
I'm not looking to hold this trade till the close. Trying to make at least 50% on the trade and then I'll close it out.
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