Oil ETFs allowed for quick profits on Egyptian situation, regardless of price direction

We posted straddles for oil ETFs last Friday, using thwe USO and the UCO ETFs. This was a play ion the Egyptian situation that allowed us to profit regardless of direction, as ling as the price of oil went up or down.

Indeed prices came down today.

Here is the current status:

Profits of 15% and 17%, not bad for one day.