Looks like we had a classic panic blowout earlier today. I hope that was the case anyway as I placed some bets because LINE's drop now seems overdone. Bought March 35 calls, betting that the Feb. 27 earnings announcement and CC will be more positive than seems to be anticipated. I also sold 60 July 32 puts for .95. I'd be happy to either buy (on margin) 6000 units of LINE at 32 (unlikely to happen) or just keep the $5,500+ that was plopped into my account. The two put sales I made in the last half of 2012 went very well. Of course, it's my view that it's a win-win play: keep the money or buy units extremely cheap. Linn's high distribution and strong hedging is what makes me comfortable about selling well out-of-the-money puts.
Added a bit to my put sales and closed out the 48 options I bought yesterday for a $2400 post-commission profit. Hard to resist closing a short-term position when it looks good so fast. The bid was 2.35 and I threw in an offer to sell at 2.45. It instantaneously closed at 2.46. My jaw dropped a bit. I wouldn't mind betting again for a rise into the announcement and CC in two weeks should LINE drop enough to tempt me. Probably won't happen though. Still, sufficient unto the day is the luck thereof.
What encouraged me to sell the options I bought yesterday was the quick profit and my take that the premium had gotten too steep. The I saw that after a brief decline, buyers were picking up everything that sellers were dumping in the high 36.90s. So I placed a couple of orders at 36.96 and then at 36.98 hoping to get 5K on margin about 15 minutes before the market closed. Ate lunch, came back after the close (37.33!) and learned I'd gotten 4300 at 36.97 on avg. Wow.