I’m back into USO after selling my shares and buying back my 24-September S33 calls last Friday for a net credit of $32.97 per share. Bought USO this morning at 33.01, sold-to-open S33 calls at $0.44. Breakeven is 32.57, maximum profit is $0.43 per share. Best case this is a 1.3% return for a 5 day investment.
USO continues to bounce around in its trading range. I bought USO at 32.40, and sold-to-open S33 24-Sept expiration calls at .26. Break even i s 32.14, best case profit is $0.86 / share.
For a couple of weeks USO has been in a trading range between 32 and 33.5. Bought USO at 32.77 and sold S33 10-Sept calls at 0.30. Break even is 32.47, maximum profit is $0.53 per share.
Did covered calls on Oil — bought USO at 37.19, sold-to-open May 37 calls at 1.02 for a net investment of 36.18. Created a bear spread on VIX options today. Betting on VIX going down is forecasting that the market in general will be flat or positive. I sold-to-open June VIX 16 calls at 10.26, bought June VIX 32.5 calls at 1.88 for a …