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OIB Trade Alert: BAC, MRVL

I am recommending we roll our Bank of America (BAC) put to generate more income.

Let’s also book fast profits on our Marvell Technology (MRVL) put.

BAC Oct Week One (10/1) 42.50 Put

Current Stock Price: $42.54

Cash in Hand: $0.05

Action:

  • Buy to close the BAC Oct Week One (10/1) 42.50 Put for around $0.32
  • Sell to open the BAC Oct Week Two (10/8) 42.50 Put for around $0.72
  • Set your initial credit limit at $0.40, but adjust as needed to roll today

New Cash in Hand: $0.45

Expiration: After the close on Friday, Oct. 8

Potential Rate of Return: 1.1% in 123 days, or 3% annualized, if this option expires worthless

MRVL Oct Week One (10/1) 60 Put

Current Stock Price: $60.84

Cash in Hand: $0.56

Action: Buy to close the MRVL Oct Week One (10/1) 60 Put for around $0.30, but adjust as needed to close today

Profit: $0.26, or $26 per contract

Rate of Return: 0.4% in three days, or 53% on an annualized basis

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