We have a new Hot Money signal that just triggered.
Broad markets are rallying, but our signal is showing more weakness to come into the oil sector.
- Buy-to-open the Occidental Petroleum Corp. (NYSE: OXY) May 15, 2020, $7.5 put (OXY200515P00007500) up to $1.30 per contract or better, for the day.
If shares of Occidental Petroleum Corp. (NYSE: OXY) sink lower as our Hot Money signal is suggesting in the coming days.
Our put options contract would quickly increase into a double or triple-digit gain!
Here's what we're doing...
Action to Take:
- In your brokerage account, locate the OXY May 15, 2020, $7.5 put:
- The symbol is OXY200515P00007500.
- Search for options under the stock ticker: OXY.
- Make sure you choose the right options expiration (expiring on May 15, 2020).
- Choose the $7.5 strike price.
- Select "put" options. Select how many contracts to buy.
- Once you have the right contract, click "buy to open."
- Choose "limit order." (This sets the max price you'll pay per contract).
- Use a limit of $1.30 per contract.
- Click "Day" for TIF (Time In Force).
- Then click "buy" to transmit the order.
You can also call your broker and say, "I want to buy to open OXY May 15, 2020, $7.5 put with a $1.30 limit or better; for the day."