[SAJ]

Be careful there, Huck, m'FRiend. There are AT LEAST 2 other shoes to drop in the BP affair. Good instincts on your part, but, candidly, if you get long right now (or in the near future), you're simply too early.

Full disclosure: SAJ holds bracketed calendar spreads, long Jul/short Jun, and long Aug/short Jun. This style of trade should profit from the IV differentials in the June vs further-out options. SAJ intends to repo some short puts tomorrow on any move lower by BP.

[Huck]

Thanks for the advice. Check this out:

http://www.freerepublic.com/focus/news/2529796/posts?page=1

I have jumped the gun here and there before. Must remember to be patient. I should err on that side, because I tend to err on the other side.