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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: kodiak_bull who wrote (44377)	5/26/2005 1:00:41 PM
From: Umunhum	Read Replies (1) of 206338

I just did a little nibbling on some XLE options. I sold 30 July '05 XLE puts strike price $44 for 3 points for a net credit of about $9,000. I used the money to buy 20 Jan '07 XLE calls strike price $44 for a net debit of about $8,800. If the July '05 options don't expire worthless I'll keep swapping them for the next month out until they expire worthless. The above trades uses some of my margin buying power in the short term but long term should give me about $200 and 20 Jan '07 XLE strike 44 calls at no cost. '08 options should be out early next week :o) cboe.com

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