For today I had a contingency order to BTO 3 contracts of the SLV 20110122 $28 calls if SLV broke above $27.21. It was my intent to buy them at no more than $1.71 per contract share. To my disappointment, SLV opened on a gap up of $0.65, climbed up as high as $28.72 and then came crashing down to $25.85 before closing at $26.18. As a result, the option position I made the order for executed on the down move and is currently ~22% in the hole. I don't want to lose much more, so I have an order to STC my position if it drops another 3% to under $1.28 per contract share.

On the positive side, I have a paper gain of 22% on my UNG call option position that I BTO yesterday. Unfortunately it still isn't enough for my stop order to STC at a profit. I will still have to wait and see.

That is my opinion, you can take it or leave it. Disclaimer: See bottom of page. http://investorsopinion.blogspot.com

BTO - buy-to-open / bought-to-open
SLV - iShares Silver Trust ETF
STC - sell-to-close / sold-to-close
UNG - United States Natural Gas Fund ETF