Our opportunity on Qualcomm (Nasdaq: QCOM) has been a wild ride.

We’ve been up 50%, down 50% … and now we are sitting on modest 13% gain a week before it is set to expire.

If you’ve stuck with us and made this trade, congrats! With us so close to expiration, it’s time to go ahead and take our profits off the table.

We purchased the January 15, 2021 $145 call options on Qualcomm.

Today, those options are trading right around $10 a share, give or take some change depending on when you get a chance to exit the trade.

The bottom line is that we want to exit today, and through our Weekly Options Corner, we’ve discussed everything you need to know.

So I recommend you place a “Sell to Close” order to exit our Qualcomm trade today.

Be sure to look at the bid and ask prices before you place your order. It’s at $10 bid and $10.20 ask as I write this. We’ve talked about these prices before. When selling an option, you want to get the highest price that you can.

We also recommend using limit orders when selling out of trades. In this case, we recommend starting with a limit order around $10.10 or a little higher.

If it doesn’t get filled, you can adjust it lower, based on where the current bid and ask are at. You may need to lower it to $10, or $9.90, or even a little lower if the stock slides.

At the end of the day, this is an option we are ready to exit.

In the final week of the option, prices can swing wildly. And if the stock falls just 5%, we would lose 100% of our profits. So, although our gain isn’t as much as we expected, I’m happy to take a double-digit gain from this trade.

So let’s exit today with a profit ahead of the expiration next week.

That’s all for today.

I’ll be back with your regular Weekly Options Corner tomorrow to explain how I’m starting 2021 in my No. 1 options strategy.

Regards,

Chad Shoop

Chad Shoop

Editor, Quick Hit Profits