To all the posts I got, a big thank you. If I had it to do over again I would buy 100 contracts, risking $2000 instead of $20000. I don't understand option strategies completely yet. I also own ANGC stock as well. Like Ben said the next risk is the declaration for price of div. History has it at $1.40, but any thing can happen. Option players, how long do you hold Dec29 Calls?