Options Traders Scored a Profit With This Best Buy Trade

Our recommended BBY put options scored a profit in under three days

Deputy Editor
Nov 9, 2023 at 2:17 PM
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Subscribers to our new In-the-Money Countdown (ITMC) service scored a 101% profit in just three trading sessions with our Best Buy Co Inc (NYSE:BBY) weekly 11/10 70-strike put. We recommended this contract on Sunday, after the stock's Friday close of $67.19.

At the end of last week, the electronics retailer formed a bearish candle below its descending 20-day moving average. And the $68 level, which was just overhead, coincides with the stock's May and early-October lows, giving it potential for support turned resistance.

Furthermore, these resistance levels also coincide with the $15 billion market cap level. Combining open interest (OI) from the 11/0 and 11/17 series, there was also stacked put OI down to the 62 strike. 


Today, the shares of BBY are sinking to 52-week lows, down 0.7% at $63.49 at last glance, and are on track for their fourth-straight daily loss since our recommendation. Since the start of the year, the equity is down 20.8%. 

BBY Nov9

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