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OIB Trade Alert: MRVL, MU

Semiconductor stocks sold off this week despite strong demand for chips used to power smartphones, laptops and cars. I believe this will be a short-term decline.

I am recommending we roll our Marvell Technology Group (MRVL) put and Micron Technology (MU) call as we continue to work our way toward breakeven on these positions.

MRVL Jul Monthly (7/16) 59 Put

Current Stock Price: $56.22

Net Debit: $1.28

Action:

  • Buy to close the MRVL Jul Monthly (7/16) 59 Put for around $2.84
  • Sell to open the MRVL Jul Week Five (7/30) 59 Put for around $3.30
  • Set your initial credit limit at $0.46, but adjust as needed to roll today

New Net Debit: $0.82

Expiration: After the close on Friday, July 30

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

MU Jul Monthly (7/16) 83 Call

Current Stock Price: $77.50

Cost Basis: $83.14

Action:

  • Buy to close the MU Jul Monthly (7/16) 83 Call for around $0.04
  • Sell to open the MU Jul Week Four (7/23) 80 Call for around $0.50
  • Set your initial credit limit at $0.46, but adjust as needed to roll today

New Cost Basis: $82.68

Expiration: After the close on Friday, July 23

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

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