I am starting this journal today September 1st to document my option trades and profit/losses resulting from trades, my goal is to trade options with moderate risk. Today I bought 16 Nly spreads, bought the 15 Jan 2013 call, sold Oct 18 call for a debit of 2.30. Should Nly be higher then 18 before dividend (end of sep) I will get called & I will excersise my call for a nice profit. Should Nly be below 18 before dividend, I will sell my call the day before ex dividend, buy it back the next day, and write a november call. It sounds to me as taking a lot less risk then buying nly itself.