Date: 3/15/23 12:30 pm
Underlying: Vaneck Oil Services ETF
Notes: We are adjusting the OIH trade like what we did with CAT yesterday. We are doing this to handle the current paper losses and convert it to a core trade so that we can manage it to break even of profits.
**CORRECTION – SELL TO CLOSE
The next OIH adjustment is we will sell the now ITM 280 long put for profits. This is the only part of the trade that has some profits we can harvest but they are substantial. About $17,480 in profits at current prices. This will also free up cash and help pay for the other parts of the trade.
This is not something we have discussed much but is a tactic to manage any trade. You can often take profits from one leg of a trade and then manage the other leg as conditions allow. Since we have many positions under water with the current market drop expect to see these types of adjustments more often.
TRADE ACTION: OIH Sell/ STC** the 24 Mar 280 put for a credit of around 18.30-19.20.
Sell 10x the 24 Mar 280 put
The master account is trading 10 contracts.