Check out the stock chart for MRO below. 60 has been a key mark over the past six months as you can see from where I circled the points in red. Today, circled in green is the point where MRO has broken that trend. That could mean MRO is ready for another run towards new highs. It’s already up from its recent lows below 50 in August. I”ve mentioned MRO a few times including the three trades I’ve made on it.
First I sold naked puts followed by writing covered calls and after another expiration writing more covered calls. Although I think MRO is likely to continue its bull run, I’m going to sit back and let it go to free up my cash again. MRO is the only stock I’m long right now. I thought about selling more naked puts, but I’m already in for over $12k on it. That’s enough of my little green eggs in one basket.
