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Buy low, sell high. MOST Likely, end up buying this one to close in the next 2 months for $1.00 or less HOPEFULLY, is the goal. If one does get put shares down here, buy low, sell high, good coveredcall premium
Buy low, sell high, hedge with options has bee THE WAY to play MU :-)
If one got exercised up at $47 and bought here, that would be a gain. Still a neutral strategy. If this 'extended' gap and go does fill, plan on selling to close the protective puts for a small gain and OR selling puts against them to lower their cost.
Honestly, just looking to lock in some premium. I DO expect SPY to breakout and make new all time highs (again) very soon. However, getting called away at $303 wouldn't be horrible. Most likely, my plan will be to buy to close these calls if we pull back or chop sideways a bit.
Based on volume and location, it would make the most sense for this to break bullish. However, DBX is one of my least favorite tech IPO's of recent. (Just personally). I think goole drive is far superior. For those who use DBX, and you want to be an owner, rather than just a consumer, could be a nice location to buy