Washington Mutual (WM) shares are down more than 20 percent today and 60 percent so far this year. That is bad news for investors, but there is an options strategy that can help them recoup losses more quickly and get some cash upfront too!

RAM Energy Resources (RAME) may be on the wrong side of recent energy trades, but that could mean opportunity for options investors. The 5 August ‘08 calls are trading at around $0.40 with the underlying stock trading at $4.98, which means a covered call can be established for a profitable 8.03% profit... However, LEAPS can yield even more...