ETF Covered Calls 05-29-2009

Well this is interesting….OIH is approaching $110 and I if you recall, back in January I sold 4 OIHGV (July 09 $110) contracts. If OIH holds, I may end up getting called on OIH and I’ll cash out. I had been hoping for a rally in oil holders during the summer (peak usage) so hopefully I’ll sell 400 OIH @ $110 to revert to $44k in cash. If I don’t get called, it may be very profitable to sell October $110 strikes which are trading at $10 – that would be an additional 4k in profits!

As for the ETF-Cashinator, things are looking like they might be stabilizing once again but we’ve been down this road before too. Things are looking up slightly!

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