I got burned with (FAS) calls eventhough the underlying stock had a 3 month upward trend the options either stood still or went down even if the stock went up.  I do believe the financials are over valued again which hopefully will put more downward pressure on the financials and will send them down.  Don't forget the new socialist administration is trying to put even more restrictions on financials which will hurt the stocks.  Hey how about letting the free market bring us out of this mess and not allow people who cannot afford mortgages get them!!!!!!!!!