Downside Play: OIH (Oil Services Hldrs Trust--$33.37; +0.01; optionable)
STATUS: There is a gap higher from late November very similar to APC's gap. We tried playing OIH upside as it came off the low of the trading range that started in mid-December. That move didn't take. Monday OIH gapped lower and undercut the range lows on the close. Modest upside Tuesday and Wednesday, but OIH shows a hangman doji just below the 50 day SMA. If the market breaks and oil remains weak, looking at a downside play to test the upper gap point. That move lands a 70%ish gain on the put options. A gap fill just pumps up the gains more.
VIDEO: http://investmenthouse1.com/ihmedia/f/plays/oih/oih.mp4
Volume: 3.239M Avg Volume: 5.24M
BUY POINT: $33.08 Volume=5.5M Target=$30.56 Stop=$33.91
POSITION: OIH APR 21 2017 33.00 P - (-43 delta)
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