I just sold a June WTIC $65 call for $1.44 against my long June Futures contract. I have made good money in oil this year and want to protect some of my money without giving it up. June was at about $64.27 when I got my fill so the call will allow me some more upside AND give me a nice premium. If we go straight up from here they can have my long futures. If we go down from here, I may at some point cover the call at a profit. Not writing about my adventures in futures. Not sure what the correct answer is. Obviously getting totally out of one futures contract would have been a better option if we really are going to tank. BTW I am SHORT a May $57 put. Thing expires next week. Sold that for $1.24 and they are 0 bid at $0.01 now. That will be the first time ever that I sold an oil option for $1.00 or more and held till expiration. I am proud of myself for that. So many times over the past 2 weeks I have been tempted to take profits on it, but held back. bye. . . .
Thanks Richard and congrats!
F* it. I got out of my June oil and now just short the call. This thing is going to dump, maybe down to $60 even. That is my guess. Still long gold. Had an order to sell gold at 1297.3 after we broke and we never went back up to that point. oh well. This is trading.