Rolling MMM $160 10/30 Puts to MMM $155 11/6 Puts
Buy to close MMM $160 10/30 puts for $2.39
Sell to open MMM $155 11/6 puts for $2.73
No change to position size (slight reduction because of lower strike)
This is a classic move when a put goes against me. I roll the put to the next week - giving me more time for it to work. In this case, I even get to lower my strike price and bring in a bit more income. It's a move you make only if you think the stock price should stay/go above the strike price. Since I thought the $160 strike was good, I definitely think the $155 strike is good.
In many ways, I'm long the stock. So I have to like it. At 18-19x P/E and 3.5% dividend yield, what's not to like?
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