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