"IOW there are other strategies that work better on a consistent basis" Feel free to share them with me. Although I do trade spreads and have most of my $ tied up in spreads right now, The return isn't even worth thinking about. I'm basically a naked options trader at heart. I think for small time traders with accounts of $25,000 or so, they are the only way to make any serious $. If you are good stock picker or reader of market direction, the rewards can be staggering and the risk is always defined.
oo well, my analysis was correct too bad it broke out the 60 resistence 2 weeks after option expiration at least got some back from the feb 55 shorts. win some lose some, that's life for ya.
I think January was a really tough break for LEH because of the overall market, almost a "black swan" event. It sure has picked up steam though. http://finance.yahoo.com/q/bc?t=3m&s=LEH&l=on&z=m&q=l&c=&c=^GSPC&c=^IXIC&c=^DJI