And one more thing..Lets say you were going to do 50 of your spreads.Buy 2 aprils at 1.75 sell one feb at 50.Why not just buy 42 of the april puts outright? you spent the samr debit and assumed much less risk.

And yes most options expire worthless,however there are some fundamental reasons which lend support to selling the July 5 puts.I won't go into them because they are debateable.

What is not debateable is this...if there is any attack on the U.S. or in the Mid East and energy concerns are an issue,all of CPN's gas and

geothermal reserves are U.S. based.That is one of the reasons I like CPN.It helps me feel comfortable with the stock down here.Ask yourself

one thing "would you rather be long or short down here".If you want to be short ,keep loading up on those April 7.50 s till you choke.God forbid

if this stock establishes any type of trading range.The bids will vanish.I wonder how much short interest there is in CPN.I am guessing alot.

Has it hit bottom yet...toss of the coin.

I will sleep at night being long,knowing I will have a chance to sell calls above the market if we continue down.

I could not sleep being short.