Last Friday (7/25/08), I BTC 2 RIO Sep08 25 Puts and STO 2 RIO Dec08 35 Puts for a net deposit of $101.01 in my taxable account.  If put to me my basis on these RIO shares would now be 32.69.

I tend to like RIO as a basic materials play but this is my taxable account which I am trying to “heal” by reducing my potential liabilities (stocks I may need to purchase).  As noted previously, I feel a little over extended in this account.  Actually, I thought I was okay until about two months ago when stock values started falling again.  If stocks broadly rally again I will feel comfortable again.