Options Oracle: 10/02/15

As you can see from the chart, BP has now filled a gap on the upside. Now that this gap has filled, there is an 80% chance that the stock will drop to fill the gap on the downside. We already own the Jan 2017 28 Calls so what we are going to do is sell the November 32 calls for $1.20 to take in a credit in an effort to pay down the cost basis of the Leaps.

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