Things looked pretty grim early on as I was attempting to cover a short position of 6 Nov. OJ this morning. The last print that I saw on Friday was @ 191.00 when only 4 contracts were traded the entire session. Today was my final shot at getting out before the broker would auto-liquidate at the open tomorrow. The best offer I saw today was 1 contract @ 196.15...since then it has only gone up and as of this writing, there are a total of 2 offers of 1 contract each @198.70 and 198.85
I listened to all of your suggestions and since the offers were so high, I went with the spread. Kept moving it around and was actually in the process of lowering it when 2 hours and 15 minutes into the session, I was filled on all 6 contracts @194.00
This was $3 higher than what I hoped to get and it cost me $2700, but based on the offers and the non-existent volume, I'm fine with it. The only regular trade that I am aware of thus far was 1 contract @ 195.00
Was not going to do the spread because when I looked into it on Friday, the customer service rep thought that it would be MORE difficult to get out on this type of trade. So, I'd like to salute the traders that suggested I go about it this way. It was nice of all of you to take the time to answer my pleas of help and I've learned several lessons from this experience. THANK YOU!