$IBM(IBM)$ I waited for the initial panic to settle, and the price action is now close enough to my target zone to start deploying capital.
I sold the October $165 puts for $3.10.
That gives an effective cost basis of $161.90 if assigned, a level I'd be happy to own for a long-term hold. With the full earnings report coming up, I don't see them dropping another major surprise; management already had their chance with the pre-announcement and laid their cards on the table.
For now, I'm comfortable with the put writes. I may add some LEAPs or start scaling into common equity depending on the earnings reaction.
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