I kind of botched this trade, but today I managed to close it for a $0.37 loss – I've definitely had worse! XOP is such a low priced product that it was difficult to play defense effectively. There was just not enough in the far options to work with. My only option was to basically trade leaving me vulnerable to getting whipsawed. With the way the market has rallied in the past week, I also did not want to end up with in this position – I already have plenty in my other positions. I was hoping XOP would have had a slower grind higher, which would have allowed me to capitalize a bit more on but we can't always get what we want I suppose. This was once several times the loss it is now, so I'll just take my lumps and be grateful for the significant recovery. In the future I'll try to avoid trading products with such low option premium.