The sector is one of those sectors that has been absolutely hammered this year. I considered playing XME via covered call or with a short strangle (its IVR/IV is 43/46), but I'm opting for a play in an individual underlying instead -- FCX . It is essentially a long copper play; has a little bit more in it than XME (making the short calls a bit richer premium-wise), and is super liquid.
So, here's the play:
100 shares FCX at 8.25
Jan 15 Short 9 call
Max Profit: $122/contract (if called away at $9)
BPE: $776 debit/100 shares-1 contract
Notes: I'm also running out of plays and looking for some "background" trades that are potentially longer-term and keep a modest amount of buying power in the game.