NaughtyPines

M EARNINGS PLAY

NYSE:M   MACYS INC
Mighty slim pickin's for earnings plays this week from a premium sellers point of view. M (Macy's) is one of them with high IVR/high IV (100/92).

Because I've got quite a bit of buying power available, I'm going short strangle:

Nov 20 39/53.5
POP%: 74%
Max Profit: $101/contract
Buying Power Effect: ~$463/contract
Break Evens: 37.99/54.51

As with all short strangles, I'll look to take this one off at 50% max profit.
Settled for a .91 credit fill; out today for 50% max profit.
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