Like it at $11.50, love it at $10. Micron Technology (NASDAQ: MU) is a nice little opportunity to buy on a dip. The stock has taken it on the chin a little from the catastrophe in Japan. As George Harrison once sang, “All things must pass …”

Don’t get me wrong, options trading investors. Japan is a problem for MU as it has a manufacturing plant there and a lot of its sales come from the region. But, I’m banking on Japan coming back and coming back strong.

MU is still a strong stock for the long haul. Am I expecting a quick retracement of losses? Nope. But I think the bottom is in, or at least close to it.

One of our Market Taker Edge Trades this week is to sell the MU April put spread at 0.27 or better. That is buy the MU Apr 9 Puts and sell the MU Apr 10 Puts, and garner a minimum of 27 cents.

This trade is somewhat bullish up to April expiration. But the allure of this strategy is that MU doesn’t have to rise in order for the trader to work. As long as MU shares remain above $10 by April expiration, the premium received when the spread is sold ends up all profit.

The further allure to this trade is the fact that the stock has enjoyed some short-term support and has a high implied volatility, which gives the spread edge. All in all this is a nice little spec trade that may be able to be rolled out month after month, racking up profits as long as MU rises, or at least doesn’t fall.

Dan Passarelli of MarketTaker.com writes the Market Taker Edge options newsletter. Dan has more than 17 years’ experience in the options industry as a market maker, Options Institute instructor and author of “Trading Option Greeks.”