IBM

I’m long IBM and think the recent beating it has taken is rather overdone.

Sold IBM 1 x 3 x 2 Nov 13 2020: 110 / 115 / 120 Call Unbalanced Butterfly @ 0.32 debit.

This is a punt where I am willing to take on the task of managing a short 2 x 115 / 120 call spread, especially as that means I pocket 5 points from the 110 / 115 long call spread.

Limited downside risk (cost of the debit). Upside breakeven point @ $117.

#UnbalancedButterfly