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Income Madness Trade Alert: AMD, TSM

Given the market’s continued sell-off today, I am recommending we roll our protective puts on Advanced Micro Devices (AMD) and Taiwan Semiconductor Manufacturing (TSM). This time, we will be rolling out one week as well as to lower strike prices.

This allows us to keep our hedges in place another week while taking some profits off the table. The profits we book will reduce our cost basis on the positions.

AMD Jan 2023 (1/20/23) 70/Sep Week Five (9/30) 82 Call/Sep Week Four (9/23) 75 Put

Note: No action is needed on the AMD Jan 2023 (1/20/23) 70/Sep Week Five (9/30) 82 Call Spread at this time.

Current Stock Price: $68.14

Cost Basis: $104.95

Action:

  • Sell to close 3 AMD Sep Week Four (9/23) 68 Puts for around $0.49 each ($1.47 total)
  • Buy to open 3 AMD Sep Week Five (9/30) 60 Puts for around $0.24 each ($0.72 total)
  • Set initial credit limit at $0.25 ($0.75 total), but adjust as needed to roll today

New Cost Basis: $104.20

TSM Jan 2023 (1/20/23) 70/Sep Week Five (9/30) 81 Call/Sep Week Four (9/23) 75 Put

Note: No action is needed on the TSM Jan 2023 (1/20/23) 70/Sep Week Five (9/30) 81 Call Spread at this time.

Current Stock Price: $73.66

Cost Basis: $110.63

Action:

  • Sell to close 4 TSM Sep Week Four (9/23) 75 Puts for around $1.34 each ($5.36 total)
  • Buy to open 4 TSM Sep Week Five (9/30) 70 Puts for around $0.50 each ($2 total)
  • Set initial credit limit at $0.84 ($3.36 total), but adjust as needed to roll today

New Cost Basis: $107.27

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