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Top Trades for Fri, 22 Jun 2018 12:38 – SCO

Oil $68.50 – too much momentum to short and way too soon before the holidays.  SCO, however, is getting interesting again below $17.50 but we should be patient.  

SCO Sept $16 puts can be sold for $1 – not an exciting number for the STP so we'll wait a bit but net $15 is a good floor.  The Sept $15 ($3)/18 (1.50) bull call spread is a good play as $17.50 is $68.50 and we're expecting to be below that so, at the moment, the combo with a full cover is net $0.50 on the $3 spread or net $1 with just 1/2x cover so I think I'd go for that and sell 10 puts ($1,000) against 20 bull call spreads ($3,000) for net $2,000 on $6,000 worth of spreads that are pretty much in the money.  

I guess we'll make it official for the OOP and we'll add to it happily if oil goes higher and SCO goes lower.


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