We bought to cancel our two JPM $110 puts we recently sold. Selling JPM was an opportunistic sell for us because it is not a Dividend Champion. When we saw it at about $128 and could get a solid return on a June put we decided to take advantage of a $110 strike price. We were confident in doing that because JPM had recently worked with the Feds to arrange the reorganization of First Republic. When JPM popped 10% on solid earnings on Friday we decided to free up some cash and buy to cancel. We will keep an eye on JPM and if it backs off a bit we may sell a July put around $110. By managing the disciplined MYFR system does not mean you can't occasionally scratch that opportunistic itch.
