Well Puts

I closed out my NRF (NorthStar Realty Finance Corp.) position. NRF is below the 50-day SMA and all the shorter-term moving averages are in a bearish orientation. I don’t see any sensible trade adjustments I can make with options so I’m out of it.

I had no reason being in this trade in the first place. The chart looked good when I opened this trade but I didn’t enter this position by selling puts. Selling puts is my bread-and-butter and I’m not sure why I decided to break from my normal routine. Lesson learned; I’m out and I’m not wasting any more time thinking about it.

NRF Hourly

Long NRF (NorthStar Realty Finance Corp) at $3.58. Pullback to 38.2% Fibonacci retracement and rising 50 day SMA. Support at $3.30.

NRF Hourly Chart