Natural Gas and Oil Are Up on Gustav
It took a month since I first said it, but natural gas and oil are up nicely recently on hurricanes Fay and Gustav.?? I can’t remember a summer/fall season where there wasn’t a scare that pushed prices up, at least temporarily.?? The big question will be how long this spike in prices last.?? I’m sitting on CHK and USO options that expire in two and half weeks with September expiry.
I’m still slightly bullish on the sector and will likely play it again after expiration.?? Since I’ll be taking a loss on my CHK shares after selling multiple naked puts and then covered calls, I won’t be buying back in for 30 days to avoid the wash rule.?? I could pick a nat gas ETF, but I’m getting ahead of myself.?? 11 trading days is a long time away in energy prices.?? I could end up having the opportunity to hold […]
Original post by Alex Fotopoulos