An Income Generation Trade in Nike

$NKE

NKE 0.00%↑ is up over 15% today following earnings. I have no interest in chasing. But the price action could be suggesting that a base is now in for the stock. Monthly chart below.

I sold $55/$50 put spreads going out to March of next year. The premium was $70 for spread, and it affords me the optionality of potentially owning the stock down at those levels if it revisits. For now, we know buyers will step in at that level.