So now the stock has turned back down, so I am selling the 16 contracts back.
SOLD -16 USO 100 MAY 08 70 CALL @ $14.75 credit.
My cost basis was $18.16 so now it is 18.16- 14.75 = $ 3.41
As soon as I sold these back, I was able to shave off about 27% of my loss on my trade.
SWEET!
Now, if it goes up again, I can rebuy these calls.
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