TGT is about a dollar and a half away from it's February low. Of course that was right in the middle of the whole credit card debacle. Today the stock is trading right around $55.70. It's down about 7% from it's most recent high and I believe it's time for a bounce.
So with that thinking, I set up a July 55/52.50 credit put spread. I collected .63 on 10 contracts, so after commissions that's $610 of premium. My max loss and total capital in play is $1,870. This is also a somewhat high probability play as well. There is a 57% chance the stock will be ABOVE my short strike of 55 by July expiration.
Again though, I'm not playing this for expiration... I'm simply playing a bounce.
Coming up later today I'll review a couple potential losers I might have to eat in MO, and my SPY call spread.