Wednesday, November 18, 2009

The SPY trendline comes through again

After a head fake on the 12th, the S&P 500 came through again, breaking through the high range of the trendline.  All my SPY buy-writes are well in the money, but my Nov 41 USO calls are currently about .5 OTM, so I'm hoping for a little more pop there to get the maximum profits out of my USO buy-writes there.   Assuming the market doesn't tank in the next couple of days all of my positions will be closed out with assignments (assuming USO goes over 41).   I may roll-over the USO positions to December calls. because I don't see much downside risk there.    Click to enlarge the graph.



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