New Trade: NG

NG closed near 4.00 on Friday and over the weekend I was looking at the charts and thought it was a good entry point for a long position as it looks like we are seeing higher highs and higher lows. Also, it looks like there is a little buying as we are coming off of near over sold conditions. I used a covered call because it expires in just 7 days and I liked the total return on this trade, assuming it stays above 4.00. I ended up getting lucky with timing and if we open tomorrow any higher I might just take this trade off. I can capture more than 50% of the possible gain in one trading day, we'll see. I  might also consider rolling this to February if we close under 4.00 as right now the contango is only a few points.