With Micron Technology (MU) moving higher over the past few trading days, I have been waiting for a pause before recommending a call to sell on our uncovered shares. We got that pause today.
Current Stock Price: $44.19
Cost Basis: $53.16
Action: Sell to open the MU Sep Week Two (9/11) 47 Call
Current Option Price: $0.47-$0.51
Recommended Limit: Set your initial limit order at $0.49, but adjust as needed to sell a call today
New Cost Basis: $52.67
Expiration: After the close on Friday, Sept. 11
Potential Rate of Return: I am targeting breakeven for this position