Buying GUSH put contracts.

The Direxion Oil & Gas Bull 3X (GUSH) offers a leveraged position on oil and gas investments.

Oil prices are overbought, extended and may be due for a signifiant pullback. And this could happen even within the context of an overall bull market.

Buying puts on GUSH is a good way to profit if oil takes a breather.

Buying April $160 put contracts gives us the benefit of close to a $1 for $1 option price movement if shares drop, while muting potential risk through added time value if the shares rise.

*A previous version had the wrong option contract