MMM has stabilized and has been moving up. Due to upcoming earnings, there are some fat premiums and so we can take advantage of that. We will be rolling the 104 calls out and up for a good premium. Normally we avoid earnings but we have some built-in profits in this trade and taking advantage of the premiums gives us plenty of room and time to defend against the downside if needed. Always remember there is no reward without risk but I think this risk is worth taking.
3M (MMM): 105.04
TRADE ACTION: roll the MMM calls for a credit of around 1.62 – 1.65
Buy to close the MMM 14 APR 104 call
Sell to open the MMM 28 APR 105 call
The Master Portfolio is trading 5 contracts