Stock / Symbol: [private_monthly]United States Oil Fund / USO[/private_monthly]
Option Strategy: diagonal call spread
Price at trade opening: $37.40
Price at Jan 26 adjustment: $36.25
Price at this adjustment: $38.30
Adjustment: Due to the turmoil in Egypt, we've gotten a nice bump in [private_monthly] USO[/private_monthly]. So, we're going to sell calls against our long position.
Trade Details:
[private_monthly]
STO -2 USO Feb11 39 Calls
for a net credit of $0.77 per contract or $154
Existing Position:
Long 2 USO Jul11 36 Calls @ $4.07
[/private_monthly]
Max Risk: $572 (adjusted down from $726)
Max Reward: unlimited (adjusted)
Profit Range: $36.63 + (adjusted)
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