Micron Wound Up
Micron Technologies
(
MU |
Quote |
Chart |
News |
PowerRating), mentioned
Monday night and on the Pullbacks
Off Highs List, may still present an opportunity for covered
calls. You can buy the stock for 90 and sell the August 95 calls for 7 1/4. This represents approximately a
14% return
(over 90% based on 52 days until expiration) should the stock be called
away.
Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), was weak on Tuesday but is still somewhat
constructive as it held well above Monday’s lows. Look for a buying opportunity in calls and call
spreads here but wait for confirmation to the upside.
On the
short side, banks
(
$BKX.X |
Quote |
Chart |
News |
PowerRating) appear to be stalling out after rallying from
lows. Look for a buying opportunity here in puts and put spreads.
Best of luck with your trading on
Wednesday!
PS-Reminder: Protective stops on every trade!