Trade - 6/10/09 - UNG

STO (2) Naked Put - UNG (Natural Gas ETF) July 09 @ $12 for $0.40 each. Net Premium $79.

This gives downside protection some where around natural gas futures trading at $3.20. In the $3.2 - $3.50 range there are alot of Natural Gas Producers that cannot produce gas profitably and would simply shut down their operations. I believe this gives good price supplort at the $3.00 - $3.20 range.

Risk Management:

Ticker: UNG
Expiratoin: 17-Jul-09
Invest Date 10-Jun-09

Current Stock Price $13.80
Strike Price $12.00
Premium $0.40
Annual Dividend $-

Days to Expiration 37
Return (Assumes CSP) 3.33%
Annualized Return 32.88%
Downside Protection 15.94%