Sold to close MU 7/8 expiration, $13 strike puts
Sold 14 contracts of MU 7/8 expiration, $13 strike puts at $1.18. This closes the position originally entered on 6/30 at $0.30. Total return less commission was $1,213.55. Return per share after commission was $0.87.
I am obviously happy that I decided to get the protection on MU, last week. While it didn’t completely make up for the loss of my long stock position in MU following the double whammy of poor earnings and Brexit, it did cushion the blow. For now, I remain optimistic that the stock will recover in the second half of this year, as an improving global economic picture will hopefully lead to more demand for memory chips. The reason I sold the puts a couple of days ahead of their expiration was that the stock started to bounce off its 50 day SMA.