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Income Masters Trade Alert: MU

We have a nice profit on our Micron Technology (MU) protective put. However, I want to keep a hedge in place. Therefore, I am recommending we roll it out one week and to a lower strike.

The profit we do pocket will reduce your net debit or cost basis on the position depending on whether you sold the put or the call.

Note: No action is needed on the MU Jun Monthly (6/17) 70 Put or MU Jun Monthly (6/17) 72 Call at this time.

Current Stock Price: $55.30

Cash in Hand (Put Position): $0.04
Cost Basis (Call Position): $73.41

Action:

  • Sell to close the MU Jun Monthly (6/17) 56 Put for around $1.29
  • Buy to open the MU Jun Week Four (6/24) 53.50 Put for around $1.19
  • Set initial credit limit at $0.10, but adjust as needed to roll today

New Cash in Hand (Put Position): $0.14
New Cost Basis (Call Position): $73.31

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