If you watch commodities, you remember, when oil went negative. Basically they were paying people to store their oil. Would be awesome to have had some storage for it. Well crude is back up at 65 a barrel, and I am stuck in a year long trade.
When Oil went down, I was buying USO calls, with 700 plus days at the time. Since then USO reverse split, and left me with a contract 12/100 plus 8. That means it went from a normal contract of 100 shares to a contract of 12 shares plus 8 bucks made the reverse split 1:8.
Problem now is I am back to even, but I can't sell, I did not want to sell for a 80% loss, so I held. Looks to have been the right play as now I am back to even but the liquidity of the none standard options has dried up. I called my broker, and they said this usually happens, as market makers don't open any new positions in none-standard options. They only close them, so they can eventually get rid of the strikes and go back to normal...
Well I am not going to give in, and will probably hold for a while, as I still have 651 days left. She said if I do that then my only option will probably be to assign my option and get the shares at my strike, and then dump them at the bid.
Well here is to assigning.
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