Marvell Technology (MRVL) has bounced around since we last rolled our put on April 20, hitting a low below $37 on April 25 before rebounding.
Today’s pop allows us to roll our put out two weeks and to a lower strike price to avoid assignment and reduce our risk on the trade while generating a nice credit.
Current Stock Price: $40.38
Net Debit: $13.80
New Net Debit: $13.28
Expiration: After the close on Friday, May 19
Potential Rate of Return: We are targeting breakeven for this position
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