Micron Technology (MU) is up more than 6% this morning, and the value of the put we sold has dropped to less than a nickel. Let’s close it now, booking an excellent profit in less than 24 hours.
Current Stock Price: $78.01
Cash in Hand: $0.31
Action: Buy to close the MU Mar Monthly (3/18) 62.50 Put
Current Option Price: $0.02-$0.03
Recommended Limit: Set your initial credit limit at $0.03, but adjust as needed to roll today
Profit: $0.28, or $28 per contract
Rate of Return: 0.4% in two days, or 82% on an annualized basis