With oil             absolutely tanking, a wide variety of premium selling plays in oil             and gas have come to the forefront. I'm going to play the increased volatility in this sector via OIH             short strangle ( IVR             62/IV 41). Ideally, I'd wait for IVR             to pop to 70+, but my thinking is that oil             will drop and then proceed to consolidate, after which volatility will collapse:

Jan 22nd 25.5/35.5 short strangle
POP%: 68%
Max Profit: $111/contract
Buying Power Effect: $291
Break Evens: 24.39/32.61
Comment: I'd really like to roll the short call side down, since it's now only worth about .09, but the credit I'd receive for that really isn't worthwhile, so I'm leaving it alone or will close it out when it reaches .05 or less.
Comment: Well, that takes care of that ... . Out today for 50% max profit.
Filled for 1.07.
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