Micron Technology (MU) continues to power higher, so I am once again recommending we roll our put to a higher strike to collect more income. The premium we generate will reduce our net debit on the position as we work our way toward breakeven.
Current Stock Price: $88.51
Net Debit: $1.47
Action:
- Buy to close the MU Dec Week One (12/3) 82 Put for around $0.14
- Sell to open the MU Dec Week Two (12/10) 85 Put for around $1.21
- Set your initial credit limit at $1.07, but adjust as needed to roll today
New Net Debit: $0.40
Expiration: After the close on Friday, Dec 10
Potential Rate of Return: I am targeting breakeven for this position