I recommended closing our Micron Technology (MU) put earlier this week to avoid earnings risk. Now that the announcement is out and the stocks is moving higher, I am recommending a new put to reduce our net debit on the position.
You can sell a put today even if you were not in the previous position. Just be aware that we will be managing and tracking it as an ongoing position.
Current Stock Price: $92.60
Net Debit: $0.43
Action: Sell to open the MU Apr Week Two (4/9) 90 Put
Current Option Price: $0.92-$1.03
Recommended Limit: Set your initial limit order at $0.97, but adjust as needed to sell a put today
New Cash in Hand: $0.54
Potential Rate of Return: 0.6% in 23 days, or 10% annualized, if this option expires worthless