I’ve traded Joy Global Inc (JOYG) in the past and decided to come back to it and sell out of the money puts. I put my order in over a week ago and as I went through my open limits yesterday I saw that my order was far from hitting based on the price I set. Part of the difference came from an increase in its price and the rest of the decrease in the option price was from another week passing from when I originally entered the order.
I lowered my limit to catch a dip and while JOYG was trading at $82.61 around 2:21 Tuesday afternoon I sold one JOYG July 75 naked put (JQYSO) and received $199.25 after commissions. JOYG worked itself back up some before close which is especially good since FCX which I traded on at the market open yesterday started to come down some after it tried to rally yesterday mid-day.