My old put on ABBV expired out of the money and I am rolling forward.
music selection: “All The Kings Horses” — The Firm
AbbVie is a pharmaceutical powerhouse. I consider it a buy up to 58. Fortune smiles and the 55 strike put is worth writing. On Monday, I sold ABBV160527P00055000 for 75 cents a share. The trade will be in force 40 days and yields 12.44% annualized. In addition, the trade enjoys 9.7% downside protection.
I have a good feeling about my chances with this one, especially with high downside protection. Could become a long term target for writing puts so long as the price doesn’t run away from me.
Devour your prey raptors!