Replies to post #1819 on Micron Technology (MU)

[JLS]

Spread Wasn't Working

I left over a week for it to work, but even with a gap upward on the day after earnings, the body closed red. That red body is usually a bad sign (gap or no gap).

MU continued lower today, so even though I left over a week for the trade to work, I decided to close it down during the day. So I unwound it.

Then, to mitigate any possible loss on the spread, I had held shares without Calls being written against them for the duration of the options spread trade. The net result of all of this by the end of next week will be an options trade gain of $0.31, and now my shares have Calls written against them until next Friday.

That's a lot worse than the potential options gain of up to $3.00 that I was hoping for but it's still better than nothing.

Meanwhile, my shares are going the wrong way and I won't be able to sell Calls against them again until next Friday.