My original plan was to hold our Micron Technology (MU) put into next week and potentially roll to a higher strike to generate more cash. However, given market volatility and today’s spike in the stock, due in part to the collapse of Nvidia’s (NVDA) deal to purchase Arm, I think it’s best to pocket profits now.
Current Stock Price: $82.55
Cash in Hand: $1.02
Action: Buy to close the MU Feb Monthly (2/18) 75 Put
Current Option Price: $0.52-$0.53
Recommended Limit: Set your initial limit order at $0.53, but adjust as needed to close today
Profit: $0.49, or $49 per contract
Rate of Return: 0.7% in eight days, or 30% on an annualized basis