I tried unsuccessfully to enter Mojo's GDX Put Calendar on Friday last week and with all the craziness of yesterday's movements I didn't jump in, although towards the end of the day I decided I would try a GTC order at a lower debit then the $3.35 the market was offering at the time. So I entered a GTC order for $3.15 and let it sit. This morning it fired off and gave me a debit of only $2.50! I couldn't believe my luck. This time yesterday I was cursing at ESRX for gapping down past my stoploss at 10.30 to 9.20 and losing me a bunch of money.

Better to be lucky then smart eh?

So here's the order:
BOT +5 CALENDAR GDX 100 JUN 08/FEB 08 49 PUT @2.50, GDX MARK 47.72

Let's break this down:
Bot = I purchased
+5 = 5 contracts (100 shares per contract, means I'm responsible for 500 shares if I get called out)
Calendar = The specific options strategy I used
GDX = the ticker
100 = I have no clue what this is, anyone know?
Jun08 = My long month, this is the month that I bought control of the stock (This position usually costs me some money because I "bought" it, anytime you "buy" a stock or option it usually costs you money right?)
Feb08 = My short month, this is the month I'm selling control of the stock (this position makes me money, like renting a house)
49 = the strike price
Put = the option type I used (Mojo is using puts instead of calls incase the stock heads down the puts are usually worth more then the calls)
@2.50 = the net debit or the net cost of this trade (the goal is to earn some time decay or theta while holding the option, as long as the stock stays somewhat near 49 we should be good, in a a couple of weeks I'll look to roll or buy back the Feb 49 and sell the March 49 to make some money and reduce my $2.50 cost basis)
GDX MARK 47.72 = the stock price of GDX at the time the option was purchased

I'll let you know how it goes,
Nate