BTW, I also sold a deep strike 26 to get 2.5% of time value on the put for 5 weeks. I expect this to be assigned and I would buy the shares at a further 2.5% discount. Of course, if it gets over 26 by Christmas then I would just pocket 10%+ without having to buy the shares. With options, you only put down 1/4 (max) of the capital required of buying the stocks. A big drop like this makes WBC a good play for those having the cash and trading permission ready to pound.
WBC Price at posting:
$24.03 Sentiment: None Disclosure: Held
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