You guys seam to know what your talking about, what are your thoughts of the following.
Mid December, I bought $10,000 worth of Feb Crude Oil Strike at $27 and $27.5, this was for 100,000 barrels.
At the very beginning, I said do what ever you thinks is right, but go for it with no stop lost. This represented a faction of my holding.
Jan 11th, my broker calls and says, it has been down after but it looks like it price is picking up. He recommended that, "Our group has been talking, and we think we should move soon and we can preserve your cash. I agreed to use his best judgment. The rest of that week I heard nothing.
Saturday I received his statement showing
$27 bought @ 93 cents, he sold for 3 cents = $150
$27.5 Bought @ 73 cents, he sold for 1 cent = $50
He invested $10,000 for me and sold for them $200.
Friday Close of Crude Oil, $28, those options would now be worth $ tens of thousand > $40,000, I lost $9800.
The brokers were at Barkley's (barkley.com) and they have closed their web site for the last three days. This may not be related.
His inputs "preserve the cash", yet at a 97% loss.
This was my first time in future, is this normal, or did the firm use my call to shore up a bigger customer in the puts.
Has anyone else had this type of experience with Barkley?
Any thoughts ? |
