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OIB Trade Alert: GM, MU

I am recommending we roll our General Motors (GM) and Micron Technology (MU) puts out one week and to higher strikes.

The income we generate will reduce our net debits on these positions as we work our way toward breakeven.

GM Nov Week Two (11/12) 56 Put

Current Stock Price: $61.36

Net Debit: $1.06

Action:

  • Buy to close the GM Nov Week Two (11/12) 56 Put for around $0.02
  • Sell to open the GM Nov Monthly (11/19) 59 Put for around $0.52
  • Set your initial credit limit at $0.50, but adjust as needed to roll today

New Net Debit: $0.56

Expiration: After the close on Friday, Nov. 19

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

MU Nov Week Two (11/12) 71 Put

Current Stock Price: $74.20

Net Debit: $3.74

Action:

  • Buy to close the MU Nov Week Two (11/12) 71 Put for around $0.04
  • Sell to open the MU Nov Monthly (11/19) 72.50 Put for around $0.62
  • Set your initial credit limit at $0.58, but adjust as needed to roll today

New Net Debit: $3.16

Expiration: After the close on Friday, Nov. 19

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

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