The first resistance level occurs at $36. If price can break above $36 then there is a 41.60 target for the USO. The October OTM calls are suitable for this price move. They have 96 days until expiration and are inexpensive. The $39 and $40 calls will only cost you between $1-$1.25 per 0.25 delta. This should result in about $900 profit for every $400 invested if the USO makes this final wave 5 before October expiration.
Strike Symbol Last Bid Ask Theo OI Delta Theta
39.00 .ubojm 1.25 1.15 1.25 1.275 6,044 .2776 -.0148
40.00 .usojh 1.00 0.95 1.05 1.06 5,951 .2419 -.0139
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USO Update July 28, 2009
Strike Symbol Last Bid Ask Theo OI Delta Theta
39.00 .UBOJM 1.40 1.45 1.55 1.478 5,783 .3582 -.0166
40.00 .USOJH 1.20 1.15 1.25 1.253 6,421 .3132 -.0155
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USO Update August 3, 2009 (After Close)
Strike Symbol Last Bid Ask Theo OI Delta Theta
39.00 .UBOJM 2.45 2.40 2.50 2.588 5,827 . 4879 -.0210
40.00 .USOJH 2.05 2.00 2.10 2.211 6,626 .4369 -.0207
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