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Income Masters Trade Alert: MU

Micron Technology (MU) has run up over the past week.

For those in the put position, I am recommending we roll out one week and to a higher strike. The income we generate will turn our net debit into cash in hand.

And for those in the covered call position, I am recommending we roll out one week and to a higher strike to capture more potential appreciation. While we will have to spend some cash to do so, we will be called out at a profit if shares close above $74 at expiration.

MU Jun Week One (6/3) 69 Put

Current Stock Price: $74.13

Net Debit: $0.59

Action:

  • Buy to close the MU Jun Week One (6/3) 69 Put for around $0.11
  • Sell to open the MU Jun Week Two (6/10) 71 Put for around $1.01
  • Set initial credit limit at $0.90, but adjust as needed to roll today

New Cash in Hand: $0.31

MU Jun Week One (6/3) 70 Call

 

Cost Basis: $71.51

Action:

  • Buy to close the MU Jun Week One (6/3) 70 Call for around $4.33
  • Sell to open the MU Jun Week Two (6/10) 74 Call for around $2.21
  • Set initial debit limit at $2.12, but adjust as needed to roll today

New Cost Basis: $73.63

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