OIH is impressive today. S&P is down slightly, oil is down 17.5, yet all but 3 of OIH's components are up 1% or more.
Still surprisingly strong. ES down 9.5, oil down $1.025, and OIH is down just $1.46, which is what it gained yesterday. I misjudged how strong the oil companies are. My puts will probably get to where they were when I bought them, but no higher.
Wish I knew. I'm long crude, and I use OIH puts as a hedge for that (as well as to benefit from any overall market decline, which often affects the OIH components). I had some puts in other stocks, which I closed out gradually yesterday and was actually up for the day... until the last hour. Between 14:50 and the close, the Dow and the S&P dropped another .75%, oil dropped 80 cents, but OIH, after a dip, actually went up.
Glad I got out of my OIH puts last week. OIH is back near its pre-crash, 2-month highs. For today, market is up .3%, oil is down 1.5%, OIH is up .7%. Component NE is up 3% on buyout speculation.