I’m sorry for so many emails. While I was writing my week ending results I had a trade executed. Last week I had 3000 shares of Micron (MU) because I had to cover all legs of the Micron “Triple Play Hedge.” None of the shares were assigned so I am still holding the 3000 shares. 1000 of them are covering the last leg of the “Triple Play Hedge” which is expiring this Friday. With the other 2000 shares I sold a 20 contract Call which was executed at or near the close, I was writing my last post. I sold a 20 MU 6/23/17 $31 Call expiring this Friday because Micron’s earnings are being announced in 10 days and I really don’t want to be holding any positions into that news. This is why I sold a $31 Call when the stock was a little above $31. I want to get assigned. This is a Call sold on previously owned stock so the trade gets a Risk Factor 1. Here’s the order:
Sell to Open 20 MU 6/23/17 $31 C @ 50¢ (+$1000)
The NASDAQ was up big today and MU was up 4.5%.
Steve
The Options Coach