I currently have sold naked calls on NAT at several different denominations and expirations. The premiums have dropped to the extent that I can't justify selling any more. But at the same time the overall stock market looks ready for a major correction - 5% at least from here. I think the dividend is going to come in south of $.25. (My calculations put it between $.10 & $.15 but for this investment model $.25 is at least a good starting point.) This would cut the dividend in half and I think the least return any reasonable investor would be willing to get investing in NAT would be 4.0%. This assumes someone buys HH's long term prognosis. (Which I don't because of the huge increase in tanker capacity coming on stream in the next couple of years.) After the earnings report I anticipate the price to drop to $25 quickly - this is clearly the high end of the possible range NAT will trade at. My original plans were to buy puts on Nov 6th but now I am starting to buy them now. Nat could be down another $2, at under $27, by Nov 6th thereby significantly reducing the potential return. I am only buying the Nov $28 puts. On Nov 6th I may add lower denominations.