We’ve been looking to get short in this vehicle as a way to leverage a top in November Crude at a Hidden Pivot target that lies just above current levels. USO tracks the daily price movement of West Texas Intermediate light and is therefore a good proxy for crude oil futures. The presumptive final stage of the rally has been a tortuous affair, although the target itself is not in doubt. If we do buy put options they will not necessarily be keepers, since there’s risk that Yemeni/Iranian provocations near the Red Sea link to the Suez canal will escalate to the point where the world’s supply of oil is jeopardized. That could account for the buoyancy in prices since early August despite weakening demand. For trading purposes I am recommending the purchase of four Dec 2 11.50 puts for 0.42 or less, good till canceled. That’s where I estimate they will be quoted if the underlying rises to the 11.97 target shown (see inset).  You should check here and in the chat room for updates if it gets close, however, since I may need to raise or lower the bid in order to ensure the small edge we require for all option plays. In no instance should you pay up for the puts, since we’ll be using a tight stop-loss designed to make every penny count. ________ UPDATE (Oct 19, 11:42 p.m.): The puts traded as low as 0.42 today. However, NO ONE SHOULD HAVE BOUGHT THEM, since the point of the trade is to get short using puts IF AND WHEN USO is very close to the 11.97 target. You can buy them using the bid price — BUT NO MORE THAN THAT– that is shown when USO reaches 11.93, assuming it does. Thereafter, stop yourself out of the position if the puts trade for 10 cents less than you paid for them. If you do not understand these instructions PERFECTLY, do NOT do the trade. ________ UPDATE (Oct 20, 7:03 p.m.): Cancel the trade, since the tedium of waiting for the target to be hit has exhausted my patience. There are other factors to consider as well. Even though I still think there will be a shortable pullback from at, or very near, the 11.97 target, the better opportunity may lie in getting long at some point instead.  Plus, when USO got within 18 cents of the target today, ‘almost’ achieving my target, the ambiguity of this further diminished the appeal of the trade.