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My short put position was exercised on Friday (OIL close at 17.125).

I am now long 500 shares at $16.4375 and will be selling 5 Sep 17.5 Calls (covered by the stock) on Friday, probably will get another $1.25-1.5 for them, reducing my cost basis to about $15 flat.

I am pleased with the recent market action, especially with OIL trading briefly over $18.

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