PMI - Watching Jan 09 CC

I am watching 5Jan09 CC on PMI for buy back. I sold the Jan 09 for 1.20 per share an it is currently at 0.50 bid and 0.60 ask. I would like to ride it on down but will buy back immediately if it starts back up. I bought the CC late May. PMI is one of the dogs I am managing: paid 9.71 per share and have generated $162.70 income to date without the 5Jan09 income. Still along way to go to break even. Really need some appreciation in the current stock price to help.