Thanks Zeev, exactly the analysis I was hoping for. I would only buy the 2006 leaps to allow more time to recover if my initial buy is wrong - I would not hold all the way to 2006, just sell the options at some point. Point taken on the possible stock fall to 30's. I would actually prefer this to happen, as I buy the options in 2 or 3 stages, and buy more at the lower prices. Thanks again for your help.