More like its the middle of the night where I am. Anyway, if I'm going to be bullish, why not just buy calls?
Without a view on the gamma you are really trading stock with some extreme protection. If you don't want a view on gamma/theta/IV crush then you need to go really long dated. How much does it cost to get the same delta via calls vs. just buying stock? Let's see quickly: PFE is a $22 stock - so you need $11 to buy 1 share on margin. PFE Jan13 $20 calls are 2.7 and you need 1.5 of them to get 1 share of delta. So you will have to put up $4 (non-marginable) to buy 1 share. In this case with the dividend being so high I it works out better to buy leaps vs stock. You will pay 5 cents of bid/offer per share equivalent in the LEAPS vs 1 cent in the stock, but that shouldn't be a huge deal. But note, you changed your fundamental view like 3 times in this discussion.