In a comment yesterday I mentioned that I thought about selling a new naked put on UCO all day, but every time I looked at the chart for the ultra oil ETF it was down another 20 or 30 cents (and that was while I was checking frequently). I really debated it all the way…
Tag: UCO
Sold June UCO Naked Put
After delaying far too long, I finally got back into UCO this morning. If you recall my statement on Monday, I said I had planned to get in to UCO then, but decided to wait and might regret not getting in while I had a chance. That was more than $4.50 ago per UCO share….
Options Expiration – April 2011
I had short options on four different stocks/ETFs that expired today. All were profitable and I plan to work with all of them again for either May or June expiration options. My only April option that wasn’t profitable was QCOM and it was assigned a couple of days ago and has gained some ground since…
Sold Another UCO Naked Put
I’m not saying I’m terribly bullish on oil at these levels in the near term, but I do think oil will continue to move higher over time. I actually think it could pull back some from where we are today to the low $90s if not upper $80s. I don’t think we’ll see the $70s…
Revisting Old Friends – UCO, JPM, VXX
I’ll admit I was kind of happy to see the futures down this morning when I turned on CNBC. I knew that meant I could get into some positions at better option prices than if I had sold the options last week. Then I saw oil was up pretty big on the Libya news and…
Options Expiration – January 2011
I have 10 options expiring today – seven puts and three calls. All 10 will finish above their strikes today which means I won’t be assigned any of the puts and all three covered calls will force the sale of my shares at the strike prices. Here’s the breakdown on each one: CSX – 1 naked put at…
2010 Stock Picks Contest – Final Review
In 2010’s contest with other bloggers for the four top stock picks I had a simple goal – I wanted to improve on my rank from 2009. That was a fairly low bar to pass since I was second from the bottom last year. I kept it fairly simple in 2010 and went with two ETFs I…
Closed Part of UCO Position
A few days ago I entered a limit order to close my UCO January $10 naked puts and free up some potential margin. The bid/ask was $0.05/0.15, so I went in at the low end and placed my order to buy my 10 puts for a nickel each. Yesterday afternoon, after I left the house…
Added January Naked Puts to UCO Position
I’ve been working my UCO position since March and have at least another seven weeks in it. My January $10 covered calls are almost $2 in the money and look like they’ll be called away next month, but UCO can drop that much in a week let alone seven weeks. Even with that in mind I decided…