CLOSING the Options Action trade - $LMT - mike

20 SEP - pretty skillful job picking the exact bottom for buying a put, this trade will be another max loss if you followed and took no action along the way. stock is near 91 now. no surfing dog, wrestling bears, or giant crab sandwich videos to go with this one.(if you watch the show you will know what that means) see all of mikes on-air trades in this google docs spreadsheet

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7aug - ouch!! this Put is worth about 10cents so you are down 95% if you followed this recommendation and are still holding.. pretty much nailed the bottom on this call. still 5+ weeks to SEP opex but not looking good so far. i can see why the options action guys have stopped giving trade recommendations on their Fast Money hits.

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5jun - on tonights Options Action segment , mike has a trade for LMT, as usual goes way out in time.. thus allowing 3-4 months of not revisting the trade im sure.

Buy the Sep 75 Put for 2.30

Brian calls him out mentioning a put spread instead, mike recommends that if trade moves in your favor to leg into a put spread.. sure that works, but im in the camp of not trying to be too cute with the trades, i would rather not commit the capital upfront so i would put on a put spread from get go. My alternative to this if you were committed to that 75 level would be to reduce the cost of the Put by making this a series of calender Put spreads.. sell the July 75 put for .75 as well.. then doing it again based on strikes in August... $2.30 is steep for a directional bet... $2300 if you do a 10lot so id look for ways to reduce that premium outlay

google docs spreadsheet of MIkes On-air trades