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Since this is a discussion for beginners, let me throw a couple comments out (with a base of ignorance). I totally agree about IPI and SLV. But SLV looks interesting for, as you say, a non-directional play with a vertical or an iron condor.

I might disagree with COW. It is making some higher highs and higher lows, 3/8 ema cross on 10/28 so there is a mild directional uptrend. So a vertical such as a Bull Put Credit spread might work. Not a big money play, but a base hit (and yes, I may have totally mislabeled the spread!). I wonder about a Butterfly or a broken-wing butterfly with an upward tendency. Now all I have to do is figure out what the strikes might be.........

Oh, as far as the swine flu goes, it's effects would be likely months down the road. I'm learning to appreciate a couple days to a couple weeks plays only in options.

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