The only option position we have to review in May is Freeport replica handbags McMoRan Copper and Gold Inc. (FCX). I am recommending that we roll FCX May $40 put for $7.50 and sell the FCX Aug $40 put for $8.20. Recall that we entered the first position at $38.38. The FCX May $40 call will expire Friday allowing us to recognize a profit of replica wathces $1.42. The FCX $40 put was originally sold for $2.91. In a less volatile market I wouldn't be opposed to accepting delivery of the FCX shares based on the forward P/E of 6.23, $4 Billion in levered free cash flow, and anticipated yield of 3.5%. Rolling the option to August keeps cash free to take advantage of opportunities we may spot in other stocks and potentially earn an extra $0.70 if our original premise plays out.