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I sold some OILTW (OIL Aug 17.5 Puts) @ 1.0625 today.
I reckon this stock has been beaten up pretty bad recently. There are two possible outcomes for me come August 21: If it's trading below 17.5, I'm the new owner of 500 shares (at a cost basis of 16.43); if it's at or above 17.5, I pocket the $500 premium I collected by selling the puts.

Fundamentally, I don't know what is going to turn oil prices around, but I'm sure something will. OIL just cleaned house (new boss, shed HQ staff) and sold a stake in one of their big Asia projects to ARCO for $.
Basically, I think most of the US market is overvalued and due for a correction, OIL seems to me to be a nice place to remain invested through the stormy weather ahead.

And too sweeten it up..with all the investment bankers that have sniffed through their books, I'd be suprised if they were to remain independent very long...
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