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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: CommanderCricket who wrote (93418)	11/12/2007 1:39:09 PM
From: ChanceIs	Read Replies (1) \| Respond to of 206290

>>>Purchased back all of the outstanding CNQ 80 and 85 calls for November.<<< Questionable, Commander. With a break this hard, there is no way CNQ is getting above $80 by Friday. That $0.70ish you paid to buy them back is guaranteed to turn to dust. Now if you rolled them out, it would be a different matter. Still if you waited until next Monday, you could sell the Decs with no muss or fuss. I am a little surprised you weren't shorting naked Nov $80s instead of buying your covering ones back. I must confess more than a little fear. I can't be surprised that this correction is happening, or that its this sharp. Why am I afraid??? Just am. The mortgage area is bouncing today (and Friday). I would think that the patch will bounce into Friday. I might use the opportunity to get even shorter the mortgage mess and lighten on things oily. Those CNQ Jan '09 $80 at $12.70 are starting to look pretty good to sell. I will take some 16% worth of time premium for the next year. Like I said, I am getting frightened. Good to see EPEX bouncing. CNE is uuuuuugggggggly. I can't quite understand that. Lots of profit aking on the dual currency-crude spike play. Still its way overdone. CNE will be fine in a tough market environment with that hefty dividend it pays. Hate to say it, but I feel pretty good about picking up that nickel for the Nov $17.50 calls. i clearly won't get it for December. i will have to contemplate shorting the Dec $15s. Like I said, I am frightened. HTE ain't helping that either.