Opened UCO covered put (7/29 expiration, $9.50 strike)


Sold to open 2,000 shares of UCO for $9.79, and sold to open 20 put contracts with $9.50 strike price expiring 7/29 for 25¢. Total proceeds after commission are $20,049.10, or $10.02/share.


I now carry covered puts on both UCO and its inverse sibling SCO. The rationale is twofold:

The basic idea is to be always short at least one of the two, and where the future path of oil becomes very difficult to predict, both.

July 22, 2016 at 2:03pm · UCO · sell to open · covered put · options

Previous:Sold to open SCO 7/29 expiration, $93.00 strike puts
Next:Bought to open GPL