CRM – Sold Naked Puts

Salesforce.com (CRM) beat earnings yesterday and shot up more than 8% today.  I took the opportunity to sell naked puts on it.  While CRM was trading at 55.12, I sold two January 45 naked puts (CRMMI) and received $288.50 after commissions.  Implied volatility is over 60 for this strike which allowed me to sell at a strike that is $10 out of the money.  Typically volatility drops quickly after earnings, but CRM has a very high p/e still and has a lot of people expecting a reality check sometime soon.  It’s actually out of my range for a p/e I generally trade, but I’m banking on the good earnings news to last for two months, at least not enough to bring it down $10 before the next earnings call.