A terrific day for holders of Silver Standard Resources Incorporated (SSRI) as it zoomed along adding $2.02 to its stock price as silver gained in the order of $0.60.

Silver Standards chart had showed recently that it was lagging a little when compared to other silver producers so we decided to add a few Call Options to our trading account.

On the 9th October 2009 we purchased the December 2009 series Call Options on Silver Standard Resources Incorporated (SSRI) with a strike price of $25.00 (IZULE) for $1.55 per contract only to see them fall out of bed with a huge bump. So we went back to the drawing board and re-examined our work and decided that this stock was still way undervalued so we decided to purchase more Call Options. In fact we purchased twice the number of our original purchase for $0.30 per contract thus bringing the average cost down to $0.71per contract. Averaging down is something that we rarely do but on this occasion we made an exception.

Today we saw a massive bounce in their value as they gained 180% in todays session with the last trade at $0.70, so we are almost out of the woods and into the profit zone, as they have closed the gap on our average purchase price. Another good trading session and we will be able to breath a tad easier.

Fingers crossed and keep smiling you are a silver bug!

Over on our gold site we sold our Call Options on Randgold today for 100% profit.

As always go gently as options trading is highly speculative and dangerous to our financial health, but for now enjoy the ride and keep smiling.

Any thoughts or comments on how we could do better are always welcome so please let us know.

Have a sparkling day.

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