I have OCT 32.5's, which were purchased a while ago when MU was at 32. By October, after burning another 250-300 million in cash, MU will be approaching single digits, IMHO.
I also have June 25's and July 25's. I may take my profits soon on the June's, but I still feel comfortable with the July's. I'll see how the next few days go.
Today's rally was nonsensical. MU's future remains bleak. To the extent MU continues to rally in the short term, which I doubt, I will load up on some more October puts, strike price to be determined.
I saw MOT's comments after the bell. This is the first of many, many to come in the next month! A serious, serious wake-up call is just around the corner.
Wait until INTC comes out with its next earnigs report. Look out below.
Good luck with your day trading. I will sit back, smoke a good cigar, and watch MU sink to the bottom of the ocean.
Where do you think MU will be in October??
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