Ready to GUSH?

Down a bit today, but as expected the recent run-up has opened up some new strikes (up to 45 in Nov, Dec and Jan, and 44 in Mar and Jun).

Looks like you could sell calls at the highest strike in June (44) for at least today’s high or more. I’m not jumping in yet–that is still more than 7 months away and if there’s a prolonged move up in oil that strike could be taken out quickly on a 3x ETF. If this move in oil turns out to be a big head fake then I will have missed the opportunity. I think I’d feel more comfortable waiting for something like Dec 45s to sell for more than 1.00.

As always, I reserve the right to change my mind. 🙂