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OIB Trade Alert: BAC, GM, MU

I am recommending we roll our Bank of America (BAC), General Motors (GM) and Micron Technology (MU) puts. These are recovery positions, and the income we generate from rolling will reduce our net debits as we work our way toward breakeven.

BAC Sep Monthly (9/17) 40.50 Put

Current Stock Price: $40.15

Net Debit: $0.98

Action:

  • Buy to close the BAC Sep Monthly (9/17) 40.50 Put for around $0.57
  • Sell to open the BAC Sep Week Four (9/24) 41 Put for around $1.18
  • Set initial credit limit at $0.61, but adjust as needed to roll today

New Net Debit: $0.37

Expiration: After the close on Friday, Sept. 24

Potential Rate of Return: I am targeting breakeven for this position

GM Sep Monthly (9/17) 49 Put

Current Stock Price: $51.36

Net Debit: $5.22

Action:

  • Buy to close the GM Sep Monthly (9/17) 49 Put for around $0.07
  • Sell to open the GM Sep Week Four (9/24) 50 Put for around $0.50
  • Set initial credit limit at $0.43, but adjust as needed to roll today

New Net Debit: $4.79

Expiration: After the close on Friday, Sept. 24

Potential Rate of Return: I am targeting breakeven for this position

MU Sep Monthly (9/17) 72 Put

Current Stock Price: $73.07

Net Debit: $7.92

Action:

  • Buy to close the MU Sep Monthly (9/17) 72 Put for around $0.40
  • Sell to open the MU Sep Week Four (9/24) 72 Put for around $1.05
  • Set initial credit limit at $0.65, but adjust as needed to roll today

New Net Debit: $7.27

Expiration: After the close on Friday, Sept. 24

Potential Rate of Return: I am targeting breakeven for this position

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