Micron Technology (MU) is set to announce earnings this week. I am recommending we book profits on our position now and start the new year off on the right foot with an excellent rate of return.
Current Stock Price: $74.43
Cash in Hand: $2.80
Action: Buy to close the MU Jan Week Two (1/8) 70 Put
Current Option Price: $0.93-$0.95
Recommended Limit: Set your initial limit order at $0.94, but adjust as needed to close today
Profit: $1.86, or $186 per contract
Rate of Return: 2.7% in 21 days, or 46% on an annualized basis