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training_data/curated/text/bf98252018199849889b1ffc1b274049c4815ce951b2f071fadcc86562e5e598.txt

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+Short Naked Puts
+Another trader, Stacie, has also been studying Johnson & Johnson. Stacie
+believes Johnson & Johnson is on its way to test the $65 resistance level yet
+again. She believes it may even break through $65 this time, based on
+strong fundamentals. Stacie decides to sell naked puts. A naked put is a
+short put that is not sold in conjunction with stock or another option.
+With the stock around $64, the market for the November 65 put is 1.75
+bid at 1.80. Stacie likes the fact that the 65 puts are slightly in-the-money
+(ITM) and thus have a higher delta. If her price rise comes sooner than
+expected, the high delta may allow her to take a profit early. Stacie sells 10
+puts at 1.75.
+In the best-case scenario, Stacie retains the entire 1.75. For that to happen,
+she will need to hold this position until expiration and the stock will have to
+rise to be trading above the 65 strike. Logically, Stacie will want to do an
+at-expiration analysis. Exhibit 5.4 shows Stacie’s naked put trade if she
+holds it until expiration.
+EXHIBIT 5.4 Naked Johnson & Johnson put at expiration.
+While harvesting the entire premium as a profit sounds attractive, if
+Stacie can take the bulk of her profit early, she’ll be happy to close the
+position and eliminate her risk—nobody ever went broke taking a profit.