Buy 300 shares of GTX INC (GTXI) at $14.98  (closing last trade price) and sell 3 contracts of GQH ED (May$20.00) at $0.90 (closing bid price) expiring on 5/17/2008. Cost is $4,514, and income from sale of the calls is $256 and includes your commissions.  Annualized return if called is 486%.

Comments:

Not called on May 16. Will now sell Jun20 at $1.40. Price at $15.76 and value at $5,389 on May 16 including sale of all calls, up 19.4%. Not called on June 21. Price at $15.40 and value at $5,281 on June 21. Sold all shares at $15.40 to close out position on June 21. Proceeds $5,281  including sale of all calls and commission, up 17.0%.

Buy 300 shares of DOWNEY FINANCIAL CORP (DSL) at $16.15  (closing last trade price) and sell 3 contracts of DSL ED (May$20.00) at $0.80 (closing bid price) expiring on 5/17/2008. Cost is $4,865, and income from sale of the calls is $226 and includes your commissions.  Annualized return if called is 352%.

Comments:

Exercised get out price at $13.73 on April 22 after buying back calls at $0.05. Final value including sale of all calls is $4,315, down (11.3%).

Buy 300 shares of GTX INC (GTXI) at $14.98  (closing last trade price) and sell 3 contracts of GQH EW (May$17.50) at $1.35 (closing bid price) expiring on 5/17/2008. Cost is $4,514, and income from sale of the calls is $391 and includes your commissions.  Annualized return if called is 314%.

Comments:

Not called on May 16. Will now sell Jun17.5 at $1.85. Price at $15.76 and value at $5,689 on May 16 including sale of all calls, up 25.4%. Not called on June 21. Price at $15.40 and value at $5,551 on June 21. Sold all shares at $15.40 to close out position on June 21. Proceeds $5,551  including sale of all calls and commission, up 23.0%.

Buy 200 shares of INTEROIL CORP (IOC) at $18.55  (closing last trade price) and sell 2 contracts of IOC EX (May$22.50) at $0.80 (closing bid price) expiring on 5/17/2008. Cost is $3,730, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 309%.

Comments:

Called on May 16 at $22.50. Final value including sale of all calls is $4,627, up 24.1%.

Buy 300 shares of CLEARWIRE CORP A (CLWR) at $13.07  (closing last trade price) and sell 3 contracts of QCW EC (May$15.00) at $1.05 (closing bid price) expiring on 5/17/2008. Cost is $3,941, and income from sale of the calls is $301 and includes your commissions.  Annualized return if called is 275%.

Comments:

Not called on May 16. Will now sell Jun15 at $0.45. Price at $13.90 and value at $4,591 , up 16.5% on May 16 including sale of all calls. Not called on June 21. Price at $12.99 and value at $4,318 on June 21. Sold all shares at $12.99 to close out position on June 21. Proceeds $4,318  including sale of all calls and commission, up 9.6%.

Buy 300 shares of ECHELON CORPORATION (ELON) at $14.24  (closing last trade price) and sell 3 contracts of EUL EC (May$15.00) at $0.90 (closing bid price) expiring on 5/17/2008. Cost is $4,292, and income from sale of the calls is $256 and includes your commissions.  Annualized return if called is 136%.

Comments:

Exercised get out price at $12.10 on April 30 after buying back calls at $0.05. Final value including sale of all calls is $3,856, down (10.2%).

Buy 200 shares of FIRSTFED FINANCIAL CORP (FED) at $17.06  (closing last trade price) and sell 2 contracts of FED ED (May$20.00) at $0.80 (closing bid price) expiring on 5/17/2008. Cost is $3,432, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 262%.

Comments:

Exercised get out price at $14.50 on April 22 after buying back calls at $0.05. Final value including sale of all calls is $3,024, down (11.9%).

Buy 300 shares of VASCO DATA SECURITY INTL (VDSI) at $14.47  (closing last trade price) and sell 3 contracts of QFN EC (May$15.00) at $1.10 (closing bid price) expiring on 5/17/2008. Cost is $4,361, and income from sale of the calls is $316 and includes your commissions.  Annualized return if called is 131%.

Comments:

Stock tanked on April 24. Held for 5 trading days hoping for bounce and sold all shares at $10.22 on May 1 after buying back calls at $0.05. Final value including sale of all calls is $3,352, down (23.1%).

Buy 300 shares of DOWNEY FINANCIAL CORP (DSL) at $16.15  (closing last trade price) and sell 3 contracts of DSL EW (May$17.50) at $1.65 (closing bid price) expiring on 5/17/2008. Cost is $4,865, and income from sale of the calls is $481 and includes your commissions.  Annualized return if called is 224%.

Comments:

Exercised get out price at $13.73 on April 24 after buying back calls at $0.05. Final value including sale of all calls is $4,570, down (6.1%).

Buy 300 shares of CIT GROUP (CIT) at $13.50  (closing last trade price) and sell 3 contracts of CIT EC (May$15.00) at $0.95 (closing bid price) expiring on 5/17/2008. Cost is $4,070, and income from sale of the calls is $271 and includes your commissions.  Annualized return if called is 217%.

Comments:

Stock tanked on April 22. Held for 5 trading days hoping for bounce and sold all shares at $10.91 on April 29 after buying back calls at $0.05. Final value including sale of all calls is $3,514, down (13.7%).

Buy 200 shares of MONSTER WORLDWIDE INC (MNST) at $23.53  (closing last trade price) and sell 2 contracts of BSQ EE (May$25.00) at $1.15 (closing bid price) expiring on 5/17/2008. Cost is $4,726, and income from sale of the calls is $217 and includes your commissions.  Annualized return if called is 131%.

Comments:

Called on May 16 at $25.00. Final value including sale of all calls is $5,197, up 10.0%.

Buy 200 shares of TESSERA TECHNOLOGIES (TSRA) at $20.63  (closing last trade price) and sell 2 contracts of TJQ EX (May$22.50) at $1.40 (closing bid price) expiring on 5/17/2008. Cost is $4,146, and income from sale of the calls is $267 and includes your commissions.  Annualized return if called is 189%.

Comments:

Not called on May 16. Will now sell Jun22.5 at $0.40. Price at $19.42 and value at $4,218 , up 1.7% on May 16 including sale of all calls. Exercised get out price at $17.54 on June 20 after buying back calls at $0.05. Final value including sale of all calls is $3,842, down (7.3%).

Buy 200 shares of INTEROIL CORP (IOC) at $18.55  (closing last trade price) and sell 2 contracts of IOC ED (May$20.00) at $1.45 (closing bid price) expiring on 5/17/2008. Cost is $3,730, and income from sale of the calls is $277 and includes your commissions.  Annualized return if called is 185%.

Comments:

Called on May 16 at $20.00. Final value including sale of all calls is $4,257, up 14.1%.

Buy 200 shares of UAL CORP (UAUA) at $22.85  (closing last trade price) and sell 2 contracts of UAL EE (May$25.00) at $1.30 (closing bid price) expiring on 5/17/2008. Cost is $4,590, and income from sale of the calls is $247 and includes your commissions.  Annualized return if called is 180%.

Comments:

Stock tanked on April 22. Held for 5 trading days hoping for bounce and sold all shares at $14.93 on April 29 after buying back calls at $0.05. Final value including sale of all calls is $3,210, down (30.1%).

Buy 400 shares of AMERICREDIT CORP (ACF) at $11.37  (closing last trade price) and sell 4 contracts of ACF EV (May$12.50) at $0.55 (closing bid price) expiring on 5/17/2008. Cost is $4,568, and income from sale of the calls is $204 and includes your commissions.  Annualized return if called is 175%.

Comments:

Called on May 16 at $12.50. Final value including sale of all calls is $5,184, up 13.5%.

Buy 200 shares of SYNCHRONOSS TECHNOLOGIES (SNCR) at $20.98  (closing last trade price) and sell 2 contracts of QQR EX (May$22.50) at $1.40 (closing bid price) expiring on 5/17/2008. Cost is $4,216, and income from sale of the calls is $267 and includes your commissions.  Annualized return if called is 165%.

Comments:

Stock tanked on May 7. Held for 5 trading days hoping for bounce and sold all shares at $11.93 on May 14 after buying back calls at $0.05. Final value including sale of all calls is $2,630, down (37.6%).

Buy 300 shares of E-HOUSE CHINA HLDGS ADS (EJ) at $14.05  (closing last trade price) and sell 3 contracts of EJ EC (May$15.00) at $1.00 (closing bid price) expiring on 5/17/2008. Cost is $4,235, and income from sale of the calls is $286 and includes your commissions.  Annualized return if called is 164%.

Comments:

Called on May 16 at $15.00. Final value including sale of all calls is $4,765, up 12.5%.

Buy 300 shares of MF GLOBAL LTD (MF) at $14.42  (closing last trade price) and sell 3 contracts of MF EC (May$15.00) at $1.25 (closing bid price) expiring on 5/17/2008. Cost is $4,346, and income from sale of the calls is $361 and includes your commissions.  Annualized return if called is 149%.

Comments:

Exercised get out price at $12.26 on April 23 after buying back calls at $0.05. Final value including sale of all calls is $4,009, down (7.8%).

Buy 400 shares of HOVNANIAN ENTERPRISES A (HOV) at $11.81  (closing last trade price) and sell 4 contracts of HOV EV (May$12.50) at $0.80 (closing bid price) expiring on 5/17/2008. Cost is $4,744, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 149%.

Comments:

Exercised get out price at $10.04 on April 23 after buying back calls at $0.05. Final value including sale of all calls is $4,284, down (9.7%).

Buy 300 shares of CAREER EDUCATION CORP (CECO) at $16.47  (closing last trade price) and sell 3 contracts of CUY EW (May$17.50) at $0.95 (closing bid price) expiring on 5/17/2008. Cost is $4,961, and income from sale of the calls is $271 and includes your commissions.  Annualized return if called is 142%.

Comments:

Called on May 16 at $17.50. Final value including sale of all calls is $5,500, up 10.9%.

Income from sale of calls is +$6,340.

All positions closed out on June 21.

Cost of these ten (20) stocks is $86,845. At June 21, 2008 (expiration weekend), this list value is $85,289, down (1.8%)