A True Best Buy

There are 52-inch plasmas, iPhones , and there's protection on your money. And if you we're watching Options Action last Friday, you learned how to buy the last item for nearly nothing.

Oliver Quillia for cnbc.com

Thinking Best Buy shares could be anything but, Dan Nathan of JAK Securities recommended a calendar collar, where against a long position, he bought the December 41-strike put for $0.87 cents, and sold the January 45-strike call against it to finance the purchase.

By selling that longer-dated call, Dan was able to collect more money to further offset the cost of the near-dated put.

Good thing, because Best Buy stock tumbled 15% today on terrible earnings.

So now what?

"Sell the whole thing," said Nathan. "Clearly the fundamental picture has changed and there may be no reason to own the stock near-term. But at least by owning the collar, you offset the pain."

Nathan's trade cost $0.10 to put on and can now be sold back for about $5.35.

And that is a true best buy.

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