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Yes, I still hold my position of short CLG C63-68 for 35 since October, 10th.
I do not think we will see 60 before the expiry of the February contract. Seasonals and COT data are bearish. But volatility might rise before the OPEC meeting, and price might as well. Thus, I would keep the lot size limited.
US CL imports were down this weekly EIA report possibly because of ships being delayed by hurricane Matthew. Lowest weekly imports this year. East coast imports were down. EIA report was for 10/08 to 10/14. Hurricane was at SC coast on 10/08.
I would suspect that imports and inventory will increase in the next report, sending CL lower.
Usually I trade naked puts / calls. I published my short option trades for recent months in this thread.
Advantages: In case there is a move in the right direction a quick profit is higher than for covered puts / calls. Thus, I choose covered calls if I intend to hold the options until close to expiry. Cost for commissions and slippage are lower.
And I prefer simple trades.
Disadvantages: Unlimited risk. You have to watch your trades closely, and you have to avoid certain trades (eg. weather markets in the grains & beans). And you have to limit the size of your trades. In my opinion, the most important point is to define a stop loss. And to get out of the trade when you have to get out.
Sell Gold puts on a further move down, in case I get the possibility. Inflation should rise modestely for some months.
Sell Wheat (March contract) calls on a further move up (450 - 460). There is a lot of wheat around. Sesonals show a move upwards until end of October, and then more or less downwards until the expiry of the contract. Unfortunately COT data is still bullish, thus, a surprising event could cause a problem.
Sell Coffee (March contract) calls on a minimal move upwards. Weather during the flowering period in Brazil looks ok, seasonals as well as COT data are bearish.