BTU cranking up nicely.
ZMans oil picks I am lining up for puts – following the Valero rule. Oil must not break $58.50 and we want to see a net draw of less than 500Kb. You can buy these now if you are covered with a call (the XOM Apr $80s still make a good cover, as do COP Mar $70s for .70.
I’m not too keen on these after Bernanke’s opening statement which was, as expected, very bullish for stocks and will lift energy stocks so any puts may be a bad idea!
I don’t want these all, I want the ones that run up and get cheap.
- BP Mar $60 puts for .40
- BHI Mar $67.50 puts I just took a DD at .90
- EOG Mar $65 puts for $1.50
- HES May $50 puts for $1.60 (possible March sale ahead)
- SLB Mar $65 puts for $2.25, selling $65 puts for $1
- can be done now and take .50 profit off the table quickly on March callls if offered.
- VLO $55 puts for .20
- a very dangerous mo play but I like it!
- TSO May $80 puts for $2.75
- selling the $80 puts for $1 or more as I would be happy to pay more to be in the money on this one.
- MUR Mar $50 puts for .90
Posted February 14, 2007 at 10:26 am Permalink (Edit)
- MRO March $90 puts for $1.90
- DD on SU Mar $70 puts at .80
- Out of VLO $55 puts at .30
I’m lightening up on many of my big gainers (25-35% off on gains over 30%) as that was just 2 REALLY good days
- BA – selling Mar $90s for .55 (as I am going to sell march regardless there is no downside here as my worst case is a roll).
- ANF done with Feb $72.50s at $9.90
- BAB offering .60 for DD on Mar $105 puts
- LLY half out at $1.50
- as it was a DD, happy to make the nickel!
- DD on TDW Mar $50 puts at .70
