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 to go visit family for the rest of the day my order hit and while UCO was trading at $12.50 I bought to close 10 UCO January $10 naked puts for $.05 and paid $55.14 with commissions.
I still have my 1,000 UCO shares long and 10 covered calls for January $10 strike in place. That keeps me above 125% exposed still. A good chunk of that has more than a 10% cushion on it before it turns into a loss, so next week I’ll continue my move to add longer term options in index ETFs while the majority of my positions inch closer to their January expiration.
That’s it for today. We have a lot more family to see in the coming days and I won’t have time to post again until next week, so no index chart post this weekend probably. Merry Christmas to all of you who celebrate it!