Using Options to Hop On Late

We've all had our eyes on stocks that ended up taking off before we finally pulled the trigger and bought. Take Schlumberger (SLB), for instance. I wrote positively about the oilfield-services giant last New Year's Eve, when the stock was trading for $67.96. By Valentine's Day 2013, the price had touched $82 without ever venturing below $70.20. If you had wanted to buy it near $68, you'd have been shut out.

But, by mid-afternoon Tuesday, industry weakness had sent the shares back down to $73.08 -- still more than 7.5% above the Dec. 31 price. At that point, those still pining for Schlumberger got a great second chance either to make some money, or to buy below that originally attractive level: selling January 2014 puts at $70 or $75 strike prices....332 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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