[Warning: volatility traders, greek-neutrals, etc probably don't want to read further. You might get upset.] I wound up having 1000 shares of stock put to me yesterday. My cost was 33.30 and the stock is now trading at 29+. In order to salvage something I was looking at Jan 07 LEAPS. I can sell the following (at today's prices - don't think they will change much tomorrow): 30/30 straddle for 9.15 35/35 straddle for 11.70 35/30 strangle for 7.90 I'm leaning toward the more conservative strangle. Also, since it's an MREIT, and the Fed announces in a couple of weeks, volatility might rise just before that, plus they have a hefty ex-div date coming up at the beginning of August. What to do?