Hi Wayne,

I know you are the options guru around here.

Thought I would share an interesting strategy that has been profitable BUT!


Purchased OXRET July 190 calls for 130 (owes me $3.20)

Of course, January saw a scary drop in copper price and OXR plummetted along with it.

Still, over the last five months, I have managed to write some calls against the calls that I purchased, and have come up with a 26% profit.

The strategy worked for me in the face of some VERY scary times. I am wondering if you think this is beginners luck or a valid strategy?

Hopefully I will be exercised on the May 325 calls this Thursday and close the OXRET to deliver the stock.

Your thoughts on this strategy?