In my last post I indicated an opinion that the market may not be done pulling back. I still think this is probably true. However, as for Capital Product Partners, LP, I don't think that pull back will happen before this coming option expiration. As a result, I am in danger of having my CPLP stock shares called away from me unless I Buy to Close the option I sold against it.

Unfortunately, the value of the option is now 150% of the value that I sold it at. In order for me to buy it back I have to free up some of the capital I have reserved for purchasing 10 shares of EV Energy Partners, LP. All things considered it was not looking likely that EVEP was going to come down to my desired price.

After canceling my Buy Order on EVEP, I entered a Buy to Close order on my CPLP7.50July10 Call option. While entering it, I set it up as a One-Triggers-Other order so that I will also have a Sell to Open order against my CPLP shares at the next highest available strike price - that is the CPLP10Aug10 Call. In the current week I am expecting CPLP to get as high as $9, maybe more. Being this far out from option expiration of August should provide enough time value to get a decent premium. Also the difference between the strike price of the option and the value I purchased the stock will result in a fairly acceptable profit to off-set the loss of the last trade. That is my opinion, you can take it or leave it. Disclaimer: See bottom of page. http://investorsopinion.blogspot.com