Go ahead and short all of the indexes. 
Nope. Lol. Not going to fight a trend but I feel the growing global economic system is really going to get ugly.
haha it might! PS rig counts just came out. Down a little but market seems to be a little on the fence here. Checked out some new 52 week lows this week followed by some volatility and looking to end the week around $47. I knew this week would have some good action.
Here are a couple decent oil related articles from zerohedge.
Well. This has all worked out for me so far. On the way down the last few weeks I was buying most of the way down. I usually trade UCO or SCO both 2x ETFs.
Anyhow I jumped the gun on the bull move and ended up with a cost basis of 7.11 in UCO but figured time was on my side and waited as it tested low 6.xx a few times. After a nice run up to $7.33(current price) I sold some April 02 calls for .25/share $7.5 strike. This move will protect some of my gains and somewhat goes against my long term strategy but holding a loss for a few weeks makes you get conservative sometimes. 
If we are closing next week out over $7.5 strike I will likely buy back my calls. If it falls a bunch I will gladly keep the position and maybe sell more calls.
Happy trading.
Do you usually write covered calls on most of your positions? I like them but have been burned from time to time on huge ralliesā¦
No but if there is this type of volatility and I would be OK with the scenario that they do strike I will. Why didnāt you just buy back your calls?
I wouldnāt sell calls if the prospect of being left out of a rally is not already accepted in the strategy since it is basically a risk avoidance toolā¦
To me you sell calls in a situation where you are comfortable with the gains, not real sure where you see the stock in the call duration but donāt necessarily want to walk away.
In a few of my cases, it would have been a wash to buy back the calls or roll them out & up.
I got ya. So typically I sell calls in a situation where im going to walk away fat and happy even if it strikes. If I still like the position I will just buy more around that time. I would likely never sell calls that were below my basis. But overall its not something I do often.
BTW oil is shooting up in after hours due to Saudi bombing Yemen rebels.
is it possible for a retail trader (someone like you or I) to trade in after hours or pre market?
Pre market opens at 4am I canāt remember after hours time. You can trade most commodities almost 24/hrs a day as they trade through foreign markets but I am not sure the process.
I just know you jinxed my covered calls! hahaha
Covered calls, icing on the cake at exit time.
I am still waiting to make a move on the calls but at todays UCO value $7.52/current its looking like I would have a good shot at keeping shares but there are still 5 trading days remaining. What I plan to do as the time premium erodes I will look for a buy back in this ~.10 range(sold for .25) hopefully and will resell the following week for two weeks out again hopefully at $8 or $8.5 for .25.
Much can change in a few trading days though so we will see.
Stop loss hit on its bounce so cashed out some nice profits. Waiting for a reentry I think. Its fun between oil and the euro.
Great times to trade both and frankly can make money in either direction. I should be trading the movements but am too busy to pay close attention. I am going to stick in my long position and keep selling cals at a strike im comfortable with if it hits.
If we start to get a big panic in the energy sector like we saw in banks during 08-09 I will likely enter long positions in some there as well.
Ya we need another civil war to break out hard in the middle east to drive price up above $60. Make some money on the long and short it all the way back down.
I just need all the turbo cars on here to drive a bunch to drive up oil fundamentally.
After Assadās speech and the Arab Spring stuff, I think we have a run up in the next month a bit. Goes up much faster than it goes down.
Oil keeps making a run up toward $52 followed by a big sell off. Could this be the time it breaks through?
PS I resold calls to $8.5 Apr 17 contract.
iāve been trading $UWTIā¦ levereaged 3x. making decent returns.