For those of you asking about finding a decent trade for your personal accounts in today's market here it is (full disclosure: I have not taken this position in my own account):
Buy FirstFed Financial of California (NYSE:FED) around $9.50 on margin and sell the November $10 calls for around $1.75. Resistance on the stock exists around the $10.50 - $10.75 range, so the stock might get called away, in which case you'd make another half a point or so per share. Even if you don't margin an equal number of shares, you're looking at an 18% premium day one and a cost basis in the stock around $7.75. If you margin a like number of shares, your effective return doubles.
Fundamentally, the company isn't the worst POS in the world and the 52-week high is $46.71. The stock should do better now that the bailout guidelines are in place. You'll have to move fast.
