Selling our USO put contracts.
Oil prices are (finally) pulling back, and our USO puts are now in the money.
These put contracts will expire when the market closes today. So we’ll go ahead and sell the puts now to close out the trade. We’ll be closing this position at a loss, but today’s pullback at least gives us some value from this position.
I’ll be watching oil carefully and may potentially set up a new position in the weeks ahead.
- Selling (to close) our USO June 17th $86 Puts
- Limit $3.10 or more
~~~~~~ - 13:11 Executed
- Sold USO June 17th $86 Puts @ $3.10