we look at the january exprarks we want to capture,dogs trade here, xlv was trading 6.5, you can buyne of the january 70 calls for 75 cents. you can put that on for a 75 cent credit. what happens is the stocks move higher, closer to that long haul. you will have mark-to-mark losses and you will have losses below 56. what i want to do here is to define a range when things do go sideways, i'm not buying the stock. i have wide range here. so if nothing happens, i make 5 cents. >> i like these strategies generally. i can see where you pick that 66 level. obviously the stock hasn't traded below 65 t. only thing i would say this is a local volatility space. you find out those are tight. you are not getting a lot of the cushion to the downside. >> quickly, think about what buying a january call over the next week and a half or two or three, it's going to decay. what i'm trying to avoid is setting up that decay. >> i think the key thing started with is this did movesh it's this pullback. the only thing i would point south that it looks almost the same. if one wanted to get more juice. >> spe