USO - Open Position

Written on January 20, 2009 – 9:44 am | by admin

My Jan position got called away so I am going back to the well with USO.  This time I went one strike farther down.   The details:

Buy: 100 @ $30.41 ($7 commission)
Initial Investment: $3048.00
Sold: $27 strike @ $4.60 ( $8.25 commission)
Net Investment: $2596.25
Expected Return: 3.04%

I am ok with holding this for a while since I have good downside protection (>10%) and I believe oil will come back with a vengeance once the world economy gets back on track.


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