Nevertheless, i still want a natty gas long play. CHK is the most beaten down price-wise of the top ten nat gas producers, so it makes for a potentially cheap covered call play that offers a little bit more flexibility in terms of "working off" an error in timing the entry.
So, I'm diving in here, with the full expectation that this could dive further, in which case I will continue to sell short calls against the long stock position:
100 Shares CHK at 4.47
Sell Feb 19 5 Short Call (.55 credit at the mid price)
$388 for a mid price fill (i.e., cost basis in the 100 long shares will be reduced to 3.88/share).