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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: WalterWhite who wrote (141002)10/13/2010 1:05:30 PM
From: CommanderCricket  Read Replies (1) of 206180
 
Chinnery,

In my opinion, don't buy the calls - too expensive.

If you remember the news last spring was just as exciting and for various reasons, it didn't happen. That's not to say the stars aren't all in alignment this time around as I think they are but still wouldn't buy the options.

What to do? Sell more puts if your want to leverage up. Time decay is much more fun to watch when it's in your favor.

The Dec $60's and $65's puts are selling at $3.20 and $4.85.

Write the the $60's and if the stock pops above $70, roll um to the $65's.

I'm confident we'll break and hold $70 this year.

Not buying into the hype of IOC going to $150 - $200 a share anytime soon. We could see $100 next year when they complete the sell down of Elk/Antelope.

Good luck, Michael
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