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Rarely if ever do I write an article about a specific stock to make some spendable cash right now, but let me give it a whirl and see how we make out here.

As my readers know I am long ExxonMobil (NYSE:XOM) and believe it is bargain priced. We have the stock in our "Team Alpha" portfolio, and we have done well with it.

Currently, the shares are about $79.60 and still dipping. We should be thinking about adding at these levels and now we can make some folding money by selling naked puts on a short leash.

Take a look at the June 16th $75.00 strike price put options. The premium is about $35/contract less commissions.

For any investor who owns XOM and is seeking to add to the position, but thinks the price might dip further, here is a chance to pocket some cash and if the order gets filled, you will buy XOM shares at $75/share.

The price would have to fall over $4.00/share to get filled and you have a two-week time horizon. If the options expire, the shares will still be there waiting for you to buy them, and you pocket the premium immediately and can do it all over again for the following month.

My Opinion

Not only do we want to maximize our portfolio value, but having some extra cash while buying the dips makes sense when the premium is this good.

I have sold the puts and will smile to the bank!

Source: ExxonMobil: We Can Make Some Cash With This Option