Withdrawing Our Profits from Bank of America Dear Savio, Any week that the S&P 500 sets a new all-time high -- like the index did on Thursday when it hit 4,218.78 -- is a good week on Wall Street. This bullish momentum helped Bank of America (BAC) climb to a new 52-week high of its own this week. BAC broke through the resistance level at $40 that had been limiting the stock all month and hit $41.13 on Thursday. 
The stock is pulling back a bit from yesterday's highs, and we wouldn't be surprised to see it pull back and consolidate for a while longer now that it has established a new high. This gives us a great opportunity to take our profits off the table and wait for the stock to provide a new bullish entry point with its next support bounce. We recommend you… 'Buy to close' the BAC May 21st $38 Put Write (BAC210521P00038000) at market. Have a great weekend, and congratulations on another great trade! Long-Term Focused Strategic Positions: If you haven’t already entered the following and can still get in for a price at, or better than, our recommended minimum/maximum, we still recommend entering: - Put Write: (Short) SBUX May 28th $110 Put Write (SBUX210528P00110000) for a minimum price of $1.60.
- Put Write: (Short) KO May 21st $53 Put Write (KO210521P00053000) for a minimum price of $0.50.
- Put Write: (Short) LUV May 21st $59 Put Write (LUV210521P00059000) for a minimum price of $1.10.
- Put Write: (Short) TREX May 21st $100 Put Write (TREX210521P00100000) for a minimum price of $3.00.
- Put Write: (Short) TGT May 21st $200 Put Write (TGT210521P00200000) for a minimum price of $4.10.
- Covered Call: (Short) TTWO May 21st $195 Covered Call (TTWO210521C00195000) for a minimum price of $3.50.
- Covered Call: (Short) DIS May 14th $195 Covered Call (DIS210514C00195000) for a minimum price of $3.00.
- Covered Call: (Short) CHGG May 21st $100 Covered Call (CHGG210521C00100000) for a minimum price of $2.75.
We are still holding the following strategic trades, but either the current value of the short option or the price action of the stock itself don’t warrant entering a new trade at this time. If you haven’t already entered these trades, we recommend waiting until further notice before opening a new position: - Put Write: (Short) MU May 7th $88 Put Write (MU210507P00088000) for a minimum price of $1.80.
- Covered Stock: (Long) Take Two Interactive (TTWO) for a maximum of $197.50 -- part of the TTWO covered call position.
- Covered Stock: (Long) Disney (DIS) for a maximum of $195.00 -- part of the DIS covered call position.
- Covered Stock: (Long) Chegg (CHGG) for a maximum of $100.00 -- part of the CHGG covered call position.
If put-writes and buy-writes are new strategies for you, be sure to check out our Resources page for more information. For more on these trades, be sure to attend our next weekly webinar Wednesday 8 p.m. ET. Sincerely, 
John Jagerson and Wade Hansen
Editors, Strategic Trader
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