In late September I took a position in Exxon buying stock at $69.14. When earnings were about to come out, I wanted to protect myself against a downtrend in the oils, so I purchased the April 75 puts for $5.30. So the cost of the entire position is $74.44 and I'm protected until next April at $75.00. Right now I am ahead on the stock $2.53 and ahead on the put $1.95. My question is: Are there any positions I can take at this time to lock in some decent gains while at the same time leaving myself open for more upside if oil decides to skyrocket sometime before next April. I don't want to get called away any time soon. How should I be playing this unusual (for me) situation?
Thanks,
RFH
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