Naz News, Gappers and FLE's

[mcmike]

Options experience wanted: FCX bullish strategy
help please

i am not an options expert
but i think FCX is way oversold
when hedgies are done liquidating/raising cash
these beaten down issues should bounce nicely

OCT 2008 Calls common at 68.72
Symbol Bid Ask Volume Strike
+FCXJN 5.60 5.75 554 70
+FCXJO 3.70 3.80 478 75
+FCXJP 2.38 2.46 574 80

e.g. you want to put $3000 into a position

You can buy 6 Oct.70s for $3450
Your breakeven is 75.75
If FCX gets to 80 you make $2550

or
You buy 10 Oct 70s for $5750
You write 10 Oct 80s for a credit of $2338, an outlay of $3412
Your breakeven is 73.41

Oct close Buy Strategy    Spread Strategy      %move in common 
 74   2400 - 3450 = -1050    4000 - 3412 =  588   7.7% 
 75   3000 - 3450 =  -450    5000 - 3412 = 1588   9.1% 
 76   3600 - 3450 =   150    6000 - 3412 = 2588  10.6% 
 77   4200 - 3450 =   750    7000 - 3412 = 3588  12.0% 
 78   4800 - 3450 =  1350    8000 - 3412 = 4588  13.5% 
 79   5400 - 3450 =  1950    9000 - 3412 = 5588  15.0%            
 80   6000 - 3450 =  2550   10000 - 3412 = 6588  16.4% 
 81   6600 - 3450 =  3150   10000 - 3412 = 6588  17.9% 
 85   9000 - 3450 =  5550                        23.7% 
 87  10200 - 3450 =  6750                        26.6%

doesn't the spread make much more sense?
or do I have something wrong?
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