Rolled down and out to November on the aftermath of IMB's announcement.  AFN holds TruPS that IMB is deferring payment on.  AFN did report strong earnings last week, but with the overall climate in Mortgage Land, anyone with exposure to mortgage-backed securities is feeling pain.  I initially rolled May options to August (at a loss) to avoid assignment.  I then rolled down to scoop up the ATM time premium.  I believe that AFN will remain here for a while, so I'll continue to roll ATM until there's another uptick.  Trick here is to decide at how far ITM should I be to roll up and out without having to pay an arm and a leg x2 to do it.