When buy a call, if the futures for the month you bought the call goes above the call you bought, you may at any time prior to expiration, sell that call for the difference.

So in his example a $5 Dec08 call bought for $0.42 and sold prior to Nov 15 for $5.50 yields $5.50-$5.00 or $0.50.  That makes a $0.08 gain over the purchase price.

Am I right or this too simple?