Greetings: TUESDAY 21 April 2020
I was stopped out at 0.40 of my JUN20 Crude $10 PUT with a loss of 0.40 minus .14 = 0.26 (-$260).
And I closed out the JUN20 Crude CALL 0.05 for a profit of 0.14 minus 0.05 = 0.09 (+$90)
I mistakenly thought that $10 per barrel was going to stay safe. Obviously, that didn’t happen.
These are crazy times and I won’t be selling any more options until there is some return to rational prices. It’s just too risky.
This morning MAY Corn prices are near $3.00/bushel, very close to the cost of growing it. As I said, no rational pricing.
Just moments ago, US President Trump instructed the Energy Secretary to draw up a plan to rush funds to oil companies to keep them from going under (intended to save thousands of jobs.)
-Stay well. – Don
I hope to resume soon and will post again shortly.
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