Covering up the rest of the oil

I sold Jan 37 calls (UBOAK) at 1.13 to establish covered calls on the rest of my USO.  USO was at around 36.80 at the time.

Oil taking a beating -- is it the bottom yet?

Oil has been on a serious downtrend since late October.   I can see a couple of support points for USO, one at 35, another at 34, and 32 of course.

 Since my Dec 40 calls were nearly worthless at .03, I bought them back and sold Dec 35 calls at 1.01 to harvest some more time value this week.    During the last 6 months, when USO hits a bottom it tends to bounce back pretty quickly, but I think we'll have at least until the end of the week before things start heading back up.   Click on chart to enlarge.