small insider buy at atpg

2000 shares at 10.67 by a director, not very significant, but encouraging signs. bought some shares on my retirement account and sold Jun 7.5 puts at 0.65 on my trading account.

My all in position is more than 20% under water by today\'s closing price. I am trying to sell other positions during this rally and try to buy some more calls. I am not willing to buy more shares at this time since I already have a very large position of atpg, second largest behind fmd. I am considering calls for Oct since one well on completion phase is scheduled to start production in 2 months, give it some more room for error, the production should come before Oct. Once this well is in production, ATPG is almost certain to survive this crisis. I am also considering Jan 2012 calls, I believe this BP oil spill crisis will be over by 2012.

By the way, there will be an annul shareholder meeting this week, ATPG could be very volatile, most likely in the direction of up. Then as BP oil spill drama goes on, ATPG will continue to dance with it. Hope I can benefit from the up and downs in the next 6 months while holding onto some core positions.