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PSA: With tax season is around the corner I just wanted to share that CashApp (Square) allows you to e-file individual Federal return and 1 state return for free (with NO income limit), and the best part is it supports ALL essential forms for stocks like 1099s and Sch D (gain loss on stock including crypto). DM if you need a ref code
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https://investorplace.com/2020/05/sell-square-sq-stock-ahead-earnings-report/
I would just buy puts at current price, $47 is a great entry point imo
Given that you have 10 mins left til market closet here’s how I would play this
i would buy to open 1 put out of the money for every 10 shares I own.... there’s no point in buying In the money because it would be higher priced. You can afford to lose some profit and not lose a lot on premiums
To be safe I would buy the puts for May 8.
If Sq shoots up, your profits will cover for losses
If sq shoots down, you’re protected and the OTM positions will multiply substantially if it’s a bad sell off recovering your profits (hopefully)
I would build out a simulation for you if I had more time