I’ve been on holiday and traveling for the past couple of weeks and a day ago I went ahead and bought 500 shares of OIH at $103 and sold August 18th $105 calls for a cool $4.00 to rake in about $2,000. This is a 4% return in about a 30 day window and if OIH drops below the strike on expiry, I’ll keep it. If it goes up than I’m home free. I’m expecting a rally on OIH once the Gulf of Mexico mess is cleared up. It’s a bit of a gamble but it may pay off.
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