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CLL: bookings are picking up while pricing may have bottomed.

|Includes: Carnival Corporation (CCL)

CCL is beating earnings and street's estimates, despite a soft economy and weak consumer spending.  Shares have sailed to 33.28 a share from 20 in March. Bookings for the remainder of the year and for the first half of 2010 are running 19% ahead of the prior year.

For those looking to make an entry at current levels (32.45), consider writing Novemeber strike 30 calls at 3.50/contract againt the underlying.  The premium gives a downside protection to 28.95 in case the stock pulls back on a general market sell-off.  At 28.95, shares would be very undervalued.  If shares remain above 30 at Novemeber option expiration, you'll pocket 1.05/sharein intrinsic time value.  This is a very juicy return.