Monday, September 21, 2009
Oil trading making you dizzy?
Back into USO again today. Price dropped to the $35/$36 range I have been using as an entry point. Did a covered call -- bought USO at 35.83, sold Oct 36 calls (UBOJJ) to open at 1.45 for a net investment of 34.38. Maximum profit is 1.62 per share with USO above 36 at expiration--4.7%.
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USO Oil buy-write
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