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Strategies & Market Trends : Option Spreads, Credit my Debit -- Ignore unavailable to you. Want to Upgrade?

To: KFE who wrote (2264)	2/7/2003 8:50:28 PM
From: Bridge Player	Respond to of 2317

Yes indeed Ken, I have sold CPN 2 1/2 puts 4 times since July. And the Febs will expire in another couple of weeks. Although today's action was not encouraging, I am very bullish on CPN long term. The leap calls at all strikes are pretty attractive. And I think as their plants come on-stream and start generating revenue, the rating agencies will begin to upgrade the bonds, and the stock will follow. Their California problems have been settled, favorably to both the company and the state as far as I can tell, and several contracts for selling power have been signed that will start to kick in this year. Also, they have their own supplies of natural gas which helps to negate cost pressures there. I think this week's weakness was due in large measure to the Forbes article extolling coal-fired plants.