Closing BOTH our MU and WYNN put positions to lock in profits and free up capital for new plays.
Shares of MU have traded higher alongside the broad market rebound. It also helps that fellow computer chip stock AMD reported strong profits last night. MU’s rebound caused the prices for our put contracts to drop (allowing us to buy out of our play at an inexpensive price).
WYNN has been a bit of a volatile play, but remains well above our $80 strike price. The company is scheduled to report earnings later this week. Since our puts are now relatively inexpensive, I’d rather “buy out” of our agreement rather than take the risk that WYNN spooks investors when they report.
Today we’ll close out both positions early, locking in a large portion of our potential gains from each trade and freeing up cash that we can use for new opportunities.
- Buy (to close) our MU March 18th $75 Put
- Limit $1.95 or less
~~~~~~~ - 12:48 Executed
- Bot MU March 18th $75 Put @ $1.79
ALSO
- Buy (to close) our WYNN February 18th $80 Put
- Limit $1.70 or less
~~~~~~~~ - 12:48 Executed
- Bot WYNN Feb 18th $80 Put @ $1.57