I’m very happy I didn’t chase the UCO trade yesterday to close out my vertical spread portion of my UCO position. I didn’t know if I was going to have a chance to get out at the same price after the first two contracts hit in the morning yesterday and then UCO recovered. Luckily for…
Tag: UCO
UCO Ratio Spread – Partial Fill to Close
Along with my 600 shares of UCO and the covered calls that go with them, I started the day long six UCO April $30 puts, short six April $28 puts and short six more April $27 puts. The six long puts cover six of the short puts, but it’s really semantics for which one until…
UCO and AAPL Adjustments
So much for patience. My plan to wait on selling covered calls on UCO didn’t last more than a few trading hours. At least I’m glad I waited overnight, because UCO moved more than 1.7% higher this morning from yesterday’s close and the call option prices came back to more acceptable levels for my needs….
SPY & UCO Clean-Up
I placed a limit order (Good-Til-Cancelled) two weeks ago that finally started to hit today. The bid/ask for my six UCO April $35 calls was $0.05/0.15 at the time, with the last trade at $0.05. I figured I could rewrite new/better covered calls if I could get out for a nickel more than a few…
Sold UCO Put Ratio Spread
My account balance has come down considerably from its recent highs. I figured it would whenever UCO stopped its ascent. It still isn’t fun to see this, even knowing the decline was bound to happen eventually. I mistimed the long options I bought earlier this month by a few days. Had I bought longer dated…
Options Expiration – February 2013
This seemed like a very low-key expiration day, but I freed-up a lot of cash today. Now, I have to figure out what my next move is. Small-cap and mid-cap stocks have melted higher over the past few days, but larger stocks have flattened out or drifted lower recently. This doesn’t give a lot of…
Bought a Floor for UCO
Mid-afternoon on Friday, I was doing a round of chart reviews for everything in my account and for what I was considering for my account. When I got to my oil position, I didn’t like what I saw in the UCO chart. It had fallen below its 10-day moving average (dma) every day that week…
Sold UCO Covered Calls for April
Yesterday, I mentioned that I might sell covered calls on my 600 shares soon. I didn’t wait much longer before pulling the trigger today. The first debate I had wasn’t if I should sell, but what I should sell. I was trying to pick between selling the covered calls for February or April expiration. I…
Sold UCO January Naked Puts
It’s not that oil looks like it is going to shoot all that much higher from here, but maybe more that I don’t think it’s going to tank to ridiculously low levels. My current oil exposure is all in UCO and includes 300 shares long, plus a December 32 naked put and three January 40…