Dear Bottarelli Research Member,
As we’re taking nice profits on our WYNN February 105 Puts (UWY NA), another downside opportunity haspopped up on United States Steel (X – NYSE).
As you can clearly see by today’s chart, X has ruptured its 50-day moving average, which means the bears have taken control and could push the stock down an additional $5.00. Add into the equation a market that’s looking weak and vulnerable across the board, and we have another opportunity for quick downside profits. Let’s take full advantage of another pending downside move by adding the X February 70 Puts (X NN) to our ledger immediately.
PLAY: Buy the X February 70 Puts (X NN) at or under $3.40, good for the day. Current bid/ask spread is $3.00 to $3.20. Place a protective stop loss at $2.40.
Lock and load