bought today SPY 117 weekly calls at .68 and earlier at .80 so am 2X OVERSIZED already. and bought USO 34 weekly calls at .14 OVERSIZED

/b bought today SPY 117 weekly calls at .68 and earlier at .80 so am 2X OVERSIZED already. and bought USO 34 weekly calls at .14 OVERSIZED. For the first time since the fall in the markets last week my formulas have the markets on the verge of multi day buy signals, but has not yet cleared. I wanted to take a bullish stake early for if we do move up then the premiums can spike fast, on the other hand since we are far enough out of the money with these calls we can reverse this position easily if we were to lose SPY 112.40 area. I would reverse the position if we saw additional weakness by shorting most likely ither the 115 or the 114 weekly calls same contract amount as the long on 117 calls to tern the positions into vertical credit spread. sorry made a mistake on last post, have no position on SLV only SPY.

Posted in General Trading