We'll see what happens at 10:30 tomorrow morning. I might look at opening another bull put spread in either VLO or OIH. For the time being though, I'm glad I took profits on VLO.
WOW. Could I have been more wrong about NEM and BAC? Actually, if I had intended the two to hedge each other, then I would have taken the same direction on each. Currently looking for a graceful exit.
Well, the flow of money out of oil/gold and into financials is amazing right now. Looks as though I might not get a good exit, but I'm willing to be patient for a bit longer. It seems that I should also be a bit less skeptical about put credit spreads right now. When a market is using any excuse it can find to rally, it is best to stay out of the way. The situation still doesn't add up, but it might be a combination of a few different factors. In the end, I don't see us dropping as quickly as I had previously thought.
Well, when you are wrong you are wrong. That was clearly a bad call. This position is now officially in adjustment mode. Market went through the long leg, sitting on a $1.3 loss per spread.
Counter trend position on an underlying that just keeps trending. All dips are being bought. What can you do? Win some. Lose some.