Thursday, October 15, 2009

USO Jumps

one day after I sold out my call options (at $0.90) at a 10% loss. If I had waited till today, I would have gotten out with 60% to 100% profit.

Lesson: If I intended to be a replacement for DXO, I should have bought longer-dated options, not October (duh). I could have gotten UCO, double-long oil ETF.

As October options expire this week, I was under pressure to get out yesterday when USO perked up. I probably should have done some quick TA to see if there was more upside. But with US dollar tanking like it did yesterday I thought the rebound would come today and the option was expiring fast. US dollar rebound came, albeit weak, but oil keeps going up.

Oh well. It could have been much worse. At one point in October, that particular call option was $0.20.

(Still it irritates me... Missed by the day!!)

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