I saw a nice descending triangle forming on OIH and placed a bear call spread on the Nov 17.
STO DEC 115 Call
BTO DEC 120 Call
for $0.36 credit.
Projected ROI of 7.75%
I could have gone close to the money but I wanted it to have some wiggle room incase it trended upwards.
As it stands now, it going to expire worthless but I'll mostly likely close it for a few cent to free up some capital.
Thursday, December 04, 2008
Nice Descending Triangle on OIH
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