This scenario happened yesterday, it was late in a satellite, 34 people left for 22 seats to a bigger tournment. I'm in 17th or so with 68K and the blinds are 4K/2K with 75 antes.
I pick up a pair of fish hooks under the gun,...how would you play them?
Some more info...I'm probably 6th in chips at my table, chip leader is at my table, on my left, with about 300K.
This is a tough one. You're not so shortstacked that you're forced in, but you can't afford to blow off a bunch of chips on this hand either.
I think limping is the worst option. It gives you no chance of winning the blinds, which is crucial at this stage. If someone raises behind you, you won't know where you stand. Limping may also entice limps from hands you'd rather not be up against, like KQ.
I don't think a fold is good either, unless there are so many short-stacked players that you could sit out the rest of the event and still win the satelite seat. Sounds like you've got an average sized stack, and you need to win a few more pots to be safe.
I think the best play is to raise, for several reasons:
1. It's close to the "money" and people will be playing tighter than usual. A UTG raise will command a lot of respect.
2. The big stack, who is your most likely caller, is to your immediate left. If he were in late position and everyone in-between folded, he might try to put a play on you, or limp with intention of using his chips and position to outplay you later. That's harder for him to do when he is at your immediate left. He's got the same disadvantages of early position that you do.
3. The table is shorthanded, if only slightly. You said there were 34 players remaining; based on tournament-direction principles, you are thus at a table of eight or nine players as opposed to ten. You've got fewer players to go through to steal the blinds. Every little bit helps.
4. You didn't mention if there were any tiny stacks, but if there are a desperate small stack might call you with a weaker hand than yours (a lesser pair or something like AT). That may also entice others to sit out the hand root for the small stack to lose, rather than call you.
5. Most importantly, you've got enough chips that you can make an aggressive stab at the pot pre-flop and still get away from the hand if you don't like how it unfolds. With 68K chips and about 6500 in the pot, you could raise to about 15K. That would be a strong raise, without getting your whole stack committed. Any reraiser would have to set you all in (thus risking a huge portion of their chips as well). If you have to fold you won't like it, but it won't ruin you either. You'll still have about 10 big blinds left after the blinds pass you.
You aren't in any danger of being anted to death right now, but unless there are lots of very tiny stacks it's too early to sit back and coast.
