Oil prices will not take a backseat to any market story, even the Dow had to retreat over 100 points today. It will be interesting to see just how long the market can ignore record high crude prices. The downward pressure today as well as the British Subway explosion should give "put writers" a chance to pick up a little premium as news and oil prices weight on the DOW.
Below are our recommended "put writes". Please note that we are now going to be putting more then one recommendation at a time to make it easier to implement our strategy.
DCGN, OVEN, TIV, OVEN, REGN and GME are our most recommended plays. I have also included some selected secondary plays for your perusal. Remember option writing still requires a favorable performance from the underlying security or at least a sideways performance to maximize the put premiums.
SELL DCGN AUG: 7.5 PUT SYM: QDB-TU
Target Price $0.20 or $20
SELL OVEN AUG: 15 PUT SYM: TCF-TC
Target Price" $0.45 or $45
SELL TIV AUG: 12.5 PUT SYM: TIV-TV
Target Price $0.55 or $55