Editor's Note: This column marks the return of Lenny Dykstra's popular options column to TheStreet.com. We're pleased to have Lenny back. Please let us know what you think.

Some things never change.

The operators on Wall Street are still playing the same games. They run the stocks up so everybody gets comfortable and follows their lead, then, when enough other people have put their money behind that move, they start selling.

As I said, some things never change. And another thing that hasn't changed is my belief in the value of trading deep-in-the-money calls in strong companies. Today I'm writing about one stock that shows the operators at work and the opportunity in these deep-in-the-money calls:


(CMCSA) - Get Comcast Corporation Class A Report


On Feb. 1, the cable company reported fourth-quarter and full-year 2006 earnings, which CEO Brian Roberts described as "simply our best year ever." Then the company went on to say that it expects even stronger results in 2007. That report led the operators to slap shares of Comcast down throughout the day, and the stock ultimately closed at $42.92, down more than $1 from the intraday high.

Today, Comcast is trading around $42.29, and I expect it should hold above the Jan. 3 low of $41.84 and stabilize around its 50-day simple moving average at $42.64. From there I believe the stock will head north quickly, toward $43.75.

This leads me to today's deep in-the-money call idea. Buy 10 Comcast July $35 calls (CCQGG) for $8.60, or better.

Any option trade I suggest should be put in as a good till cancel (GTC) limit order. It does not matter if we are buying or selling. In addition, I will always recommend you buy 10 calls, which is comparable to buying 1,000 shares. If the order gets filled at $8.60, immediately place a GTC limit sell order 1 point higher.

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When that limit gets hit, it will equal a $1,000 profit. I employ this strategy because of how risky options trading can be. The fact of the matter is that 90% of the people who "play" options lose.

Beyond the Calls

Super Bowl XLI, pitting the Chicago Bears against the Indianapolis Colts, generated several interesting story lines. Peyton Manning, arguably the best quarterback in football today, finally made it to the ultimate game. In contradistinction, few quarterbacks, if any, have come into the Super Bowl with less acclaim than Rex Grossman.

Moreover, the game provided us with the epic confrontation between the high-octane offense of the Colts and the unyielding defense of Da Bears. Nonetheless, the two people who received the most notoriety for being there were the two coaches, Lovie Smith and Tony Dungy, because these two men were the first two black head coaches to make it to the Super Bowl.

The weather at Dolphin Stadium was far better suited for our aquatic friends. With the continuous rainfall came a torrent of turnovers, which was uncharacteristic for a game of this magnitude. Despite the difficult conditions, Manning played well enough to lead the Colts to victory, and in the process, garnered the MVP trophy.

Unfortunately, Grossman's lack of production was far more apparent than Manning's production. Moreover, the Colts' defense, which was maligned all year, came up huge throughout the playoffs, making plays when they needed them most.

Congratulations to Tony Dungy, who with the victory joined Tom Flores and Mike Ditka as the only three men who have won the Super Bowl as a player and as a head coach.

Surprisingly, the architect of the Super Bowl champions is strangely absent in most discussions about the victors. Imagine being the architect of a football team who will forever be remembered for the Super Bowls it lost. The Buffalo Bills were that team and Bill Polian was the general manager who personally experienced three of those losses.

Undaunted, he moved on and became the general manager of the Indianapolis Colts. With this Super Bowl victory, Polian's deep-in-the-money call, albeit over a decade later, paid huge dividends.

Always remember: life is a journey, enjoy the ride!

At the time of publication, Dykstra was long CMCSA.

Nicknamed "Nails" for his tough style of play during his Major League Baseball career, Lenny Dykstra was an integral member of the powerful Mets of the mid-1980s, including the world champion 1986 squad, and the Phillies in the early 1990s.

Today, Dykstra manages his own stock portfolio and serves as president of several of his privately held companies, including car washes; a partnership with Castrol in "Team Dykstra" Quick Lube Centers; a state-of-the-art ConocoPhillips fueling facility; a real estate development company; and a new venture to develop several "I Sold It on eBay" stores throughout high-demographic areas of Southern California.