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OIB Trade Alert: MRVL, MU

I am recommending we close our Marvell Technology (MRVL) and Micron Technology (MU) puts.

We’re sitting on a tidy profit in MRVL and I’d rather not risk holding through this afternoon’s expiration.

Micron is scheduled to report earnings on Monday. I do not want to hold shares through the announcement. We will re-enter the position after the earnings dust settles, carrying over our net debit.

MRVL Dec Monthly (12/17) 82.50 Put

Current Stock Price: $83.72

Cash in Hand: $0.56

Action: Buy to close the MRVL Dec Monthly (12/17) 82.50 Put

Current Option Price: $0.17-$0.25

Recommended Limit: Set your initial limit order at $0.21, but adjust as needed to close today

Profit: $0.35, or $35 per contract

Rate of Return: 0.4% in four days, or 39% on an annualized basis

MU Dec Monthly (12/17) 85 Put

Current Stock Price: $81.40

Cash in Hand: $0.68

Action: Buy to close the MU Dec Monthly (12/17) 85 Put

Current Option Price: $3.55-$3.70

Recommended Limit: Set your initial limit order at $3.65, but adjust as needed to close today

New Net Debit: $2.97

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

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