With a bunch of economic events being release before the bell rings, it is tough to lock in a definite setup for tomorrow. That being said, I am looking at the best way to play oil even after it has had a bullish last couple of weeks. I think oil will continue to increase but would also like to make some money if it takes a couple of weeks to figure out where it is going. I will be looking to use a diagonal spread on USO. With the IV almost the same across Sep 2 weeklies and Oct monthlies I will be able to buy the farther out month and not have to pay up for it while collecting front month premium. Please follow @GreedyOptions to find out if I get filled on the trade.
The Trade - Buy 38.5/39.5 Oct/Sep2 Diagonal