Tiffany & Co (Symbol: TIF) is back on the list for July as a short put (naked put). Tiffany's is a chain of high end jewelry stores that target the high net worth shopper. Tiffany & Co., through its subsidiaries, engages in the design, manufacture, and retail of fine jewelry. TIF sells products through catalogs, retail sales, and business-to-business direct selling operations in the United States. The company also sells its products through TIFFANY & CO. stores and department store boutiques, as well as through business-to-business, Internet, and wholesale stores internationally.
EPS date: August 28th.
Sector: Consumer Services
The stock is a little over $2 out of the money. With about five weeks until expiration we are selling the July 45 strike for $1.25 per contract. This trade is producing a 17% return on the initial cash requirement.
The first line of suppot is at the 200 day SMA cuurently at 45.27. Then $44.80 comes in at the June 11th low which is close to the 50 day SMA. We are going long on TIF because it bounced nicely off the 200 day SMA.