Merlin kicks things off breaking down his recent trades shorting the market, and long oil. Mapping out the Oil trade, he identifies a low risk entry with good reward, now we just have to wait and see if his position pans out! Steve Moses joins us from New York where he is teaching an Options class. Steve and Merlin work through an example of using options on Priceline before earnings that would have paid you $125 if PCL dropped $160 per share or less by next Friday. Yes, you read that right, $160! Later, Steve addresses a couple listener questions regarding how The Greeks are used in Options trading, as well as Naked Options.