The U.S. stock market will be closed Monday (5/30) for Memorial Day.

TRADE EXPIRATION

CF Industries (CF):  95.06

News came yesterday that nitrogen prices plunged 30% due to a big fall-off in demand … particularly coming from Asia. CF Industries stock priced closed down almost 4% yesterday and is down again today by 1.8%.

Our CF 27 May 93 put should expire worthless with less than 2 hours left in the trading day. If you want to close it now, you can get out for around a 0.10 debit.

We could roll our call out and down, but given the news, I’d like to see how this plays out over this long holiday weekend. There is still huge demand for fertilizer products and prices are still very high compared to a year ago. Let’s wait this out and we can always sell a put option on Tuesday or Wednesday next week.

ACTION:  No Action. Let the 20 May 93 put expire worthless or close it for 0.10 or less.

Have a good and safe long Holiday weekend.