Sold -2 OIH 100 AUG 09 105 PUT @6.70/6.80 Mark 100.25

Here's finally a trade that played out as planned. I've exited half of my Oil Services ETF (OIH) short this morning as OIH briefly broke below my target of \$100. It bounced back up slightly while the market marked a higher intraday low. In addition, Goldman Sachs (GS) was off its low too and holding while OIH tested 100 again a couple of times.

Looking at the minute chart of Figure 1, notice the huge volume right at 10:30am when OIH tested 101.30 a third time and the subsequent diving of the price because of the big volume.

Update: I've sold my other option a few minutes later for 6.80. The market keeps making higher lows while the TICK touch -800 (low of day so far) again.

Profit = [(6.70 - 4.60) + (6.80 - 4.60)] * 100 - (\$7.5 commission) * 3 = \$407.5

[caption id="attachment_1637" align="aligncenter" width="500" caption="Oil Services ETF (OIH)"][Oil Services ETF
(OIH)][][/caption]

[Oil Services ETF (OIH)]: http://traderpau.files.wordpress.com/2009/07/2009-07-29-oih.png