re: dec calls. second time I called the collapse as XOPdropped second half of last week when oil was flying. A few weeks before same think happend and oil tanked 10 bucks in a few days. Same thing appears to be happening. Thus i paid the insurance cost and swapped most of my long position in CPG to weekly $11 calls that expire at the end of the week. Cost me 8 cents per 100 and I don't sweat a collapse, Just wait and see what happens if their is a buiild in inventories. It will be played up bigtime as a collapse in demand, as they did the last build a few weeks back. When their is a big drop in inventorhy the price doesn't go up. But when their is a build in inventory they short oil through the floorboards. Can't win with this sector, but I never learn.