Yesterday near the close I bought to close my October $22 naked puts on Intel Stock (Symbol INTC).

The rise in Intel Stock while great to see was overdone in my opinion. I felt that two days of big rallies in the stock market was sure to slow as the S&P and Dow push back to their most recent highs.

Yesterday I bought to close the Intel $22 puts for .28 cents leaving just a slim .10 cents profits on the original naked put sell which I had done back on Sept 12 for .35 cents.

I did this yesterday to free up that capital for what I felt might be some great selling today and sure enough after the earnings news, at the open this morning the returns were excellent.

I sold 5 naked puts Nov $22 for $1.10 and sold 5 Naked Puts for December at $21 for .72 cents. Both of these are at present the highs for the day for each of their respective puts but then again it is just 10:00 at the time of my writing this post so I am sure there will be lots more opportunities ahead.

More details on these two trades will follow.