Today, I would like to make a suggestion on another stock we traded in the past.
That stock is Bristol Myers Squibb Co. (BMY).
BMY is sitting right at the midband on the daily chart and is making a push higher.
BMY is trading around $59.20 as I write this and it does have weekly options.
I am going to suggest you trade the October 9th series. This should give us some time to see if BMY follows through as I expect.
My suggestion is going to be a debit spread and here is the trade:
Buy to Open October 9th - $59 Call for $1.45
Sell to Open July 24th - $63 Call for $0.30
The net debit will be $1.15 per spread. The maximum gain on the trade will be $2.85 per spread or 247% return.
Based on the tracking portfolio, limit the buy in to 8 spreads or .9% of the tracking portfolio.
