Zinifex has held up extremely well considering the recent market sell off, we favor Zinifex at these levels. Good volatility in the stock means that even mid way through the month we can still sell puts reasonably far from the money and receive good premiums.

The stock pays a 70 cent dividend the day after expiry so we expect the market to be bided up for Zinifex as investors will be attracted to the dividend.

Bull Put Spread

 - MAR 15.50 PUTS @ 23
+ MAR 15.00 PUTS @ 12.5

Expiry = 29/3/07
SPC = 1000
Max Profit = 10.5 cents
Max Risk = 39.5 cents
ROR = 26.6%
Breakeven = $15.395

(Again, I did not personally open this position as I have enough exposure in the market for this cycle)
Remember to play by the rules
Mastery of Stock Market Intelligence