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OIB Trade Alert: GM, MU, PFE

I am recommending we roll our General Motors (GM) and Micron Technology (MU) puts. The income we generate from rolling will reduce our net debits as we work our way toward breakeven.

I am also recommending we roll our Pfizer (PFE) call to reduce our cost basis.

GM Oct Week Two (10/8) 52 Put

Current Stock Price: $55.33

Net Debit: $3.31

Action:

  • Buy to close the GM Oct Week Two (10/8) 52 Put for around $0.03
  • Sell to open the GM Oct Monthly (10/15) 54 Put for around $0.53
  • Set your initial credit limit at $0.50, but adjust as needed to roll today

New Net Debit: $2.81

Expiration: After the close on Friday, Oct. 15

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

MU Oct Week Two (10/8) 71 Put

Current Stock Price: $71.50

Net Debit: $5.94

Action:

  • Buy to close the MU Oct Week Two (10/8) 71 Put for around $0.40
  • Sell to open the MU Oct Monthly (10/15) 71 Put for around $1.01
  • Set your initial credit limit at $0.61, but adjust as needed to roll today

New Net Debit: $5.33

Expiration: After the close on Friday, Oct. 15

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

PFE Oct Week Two (10/8) 44 Call

Current Stock Price: $42.78

Cost Basis: $47.42

Action:

  • Buy to close the PFE Oct Week Two (10/8) 44 Call for around $0.02
  • Sell to open the PFE Oct Monthly (10/15) 43 Call for around $0.49
  • Set your initial credit limit at $0.47, but adjust as needed to roll today

New Cost Basis: $46.95

Expiration: After the close on Friday, Oct. 15

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

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