I got lucky and am the proud owner of a single RIG Jan 2011 $50 call, after buying it a few months ago when RIG was around $48. I paid around $5 for it, and now it's around $20. I'm not claiming to be a genius, it was simply a lucky pick. Believe me, I have plenty of other tremendous losses to make up for this one. Regardless, my question is, what would be a good strategy for this going forward? Looking at the charts, I'm guessing that if we reach $75, the gap down price after the Gulf spill, then that seems a good a place as any to simply sell my calls and move on. But I feel like I have a pretty good long term entry price, so I'm wondering if there are any other techniques I can use. Given I only have 1 contract, my options are a bit limited, but are there any other strategies I can use at this point, given how much I'm in the money? Is it advisable to exercise the option, and start writing call options to take advantage of the gains I've made? Or is that not worth the time, and I should just sell it and move on?