August 2009 Options Expiration
I didn’t have a lot of options expiring in August. I bought-to-close my JASO puts back on Aug 11th for a nice profit and ZOLT on the 19th at breakeven. I only held DRYS and UNG puts through expiration.
UNG - I choose not to roll my UNG puts into Sep therefore I will be put some UNG at 13 and 14 (2 different accounts). This is the third month I’ve sold UNG puts (June and July expired OTM) so my cost-basis is thankfully much lower than the strike price.
UNG just can’t seem to find a bottom so I need to be very careful acquiring much more. The hourly chart looks terrible. There was a lot of volume on Thursday and that could have been the final shakeout of any weak longs but only time will tell. I will be watching this for a pop next week and possibly sell some Oct 11 or 12 puts.
UNG Hourly
DRYS - I sold some August 5 strike puts back on 7/9 that exipired OTM. This brings my cost-basis down to $8.73 from a starting point of $14.76. It’s always nice to be able to hold through expiration and collect the entire premium.
All the MA’s are flat so I need to wait and see where the next short-term trend is. If it can break through the 6.25 level it could get going to the upside nicely. If we breakdown and head back towards support at 5.00 I will look to sell more puts again.
DRYS 60 Minute