Buy 500 shares of DELTA AIR LINES INC (DAL) at $9.41  (closing last trade price) and sell 5 call Out-of-the-Money contracts of DAL IV (Sep$12.50) at $0.50 (closing bid price) expiring on 9/20/2008. Cost is $4,725, and income from sale of the calls is $233 and includes your commissions.  Annualized return if called is 388%.

Comments:

Exercised get-out price at $8.00 (-15%) on August 27 after buying back calls at $0.05. Final value including sale of all calls is $4,190, down (11.3%).

Buy 400 shares of NORTHWEST AIRLINES CORP (NWA) at $11.34  (closing last trade price) and sell 4 call Out-of-the-Money contracts of NWA IC (Sep$15.00) at $0.60 (closing bid price) expiring on 9/20/2008. Cost is $4,556, and income from sale of the calls is $224 and includes your commissions.  Annualized return if called is 382%.

Comments:

Exercised get-out price at $9.64 (-15%) on August 27 after buying back calls at $0.05. Final value including sale of all calls is $4,044, down (11.2%).

Buy 500 shares of BIDZ.COM INC (BIDZ) at $9.79  (closing last trade price) and sell 5 call Out-of-the-Money contracts of QGZ IV (Sep$12.50) at $0.60 (closing bid price) expiring on 9/20/2008. Cost is $4,915, and income from sale of the calls is $283 and includes your commissions.  Annualized return if called is 343%.

Comments:

Called on September 20 at $10.00. Final value including sale of all calls is $5,263, up 7.1%.

Buy 300 shares of HUNTSMAN CORP (HUN) at $14.26  (closing last trade price) and sell 3 call Out-of-the-Money contracts of HUN IW (Sep$17.50) at $0.75 (closing bid price) expiring on 9/20/2008. Cost is $4,298, and income from sale of the calls is $211 and includes your commissions.  Annualized return if called is 282%.

Comments:

Exercised get-out price at $12.12 (-15%) on September 8 after buying back calls at $0.05. Final value including sale of all calls is $3,817, down (11.2%).

Buy 500 shares of US AIRWAYS GROUP INC (LCC) at $9.02  (closing last trade price) and sell 5 call Out-of-the-Money contracts of LCC IB (Sep$10.00) at $1.10 (closing bid price) expiring on 9/20/2008. Cost is $4,530, and income from sale of the calls is $533 and includes your commissions.  Annualized return if called is 231%.

Comments:

Exercised get-out price at $7.67 (-15%) on August 19 after buying back calls at $0.05. Final value including sale of all calls is $4,325, down (4.5%)

Buy 300 shares of SOLARFUN POWER HLDGS ADR (SOLF) at $15.17  (closing last trade price) and sell 3 call Out-of-the-Money contracts of QFG IW (Sep$17.50) at $1.15 (closing bid price) expiring on 9/20/2008. Cost is $4,571, and income from sale of the calls is $331 and includes your commissions.  Annualized return if called is 230%.

Comments:

Exercised get-out price at $12.89 (-15%) on September 11 after buying back calls at $0.05. Final value including sale of all calls is $4,168, down (8.8%).

Buy 400 shares of NORTHWEST AIRLINES CORP (NWA) at $11.34  (closing last trade price) and sell 4 call Out-of-the-Money contracts of NWA IV (Sep$12.50) at $1.35 (closing bid price) expiring on 9/20/2008. Cost is $4,556, and income from sale of the calls is $524 and includes your commissions.  Annualized return if called is 222%.

Comments:

Not called on September 20. Will now sell Oct12.5 at $1.10. Price at $11.53 and value at $5,550 , up 22.0% on September 20 including sale of all calls. Sold all shares at $10.97 to close out position on October 18. Final value including sale of all calls is $5,336, up +17.1.

Buy 500 shares of RASER TECHNOLOGIES INC (RZ) at $8.63  (closing last trade price) and sell 5 call Out-of-the-Money contracts of RZ IB (Sep$10.00) at $0.50 (closing bid price) expiring on 9/20/2008. Cost is $4,335, and income from sale of the calls is $233 and includes your commissions.  Annualized return if called is 216%.

Comments:

Exercised get-out price at $7.34 (-15%) on September 5 after buying back calls at $0.05. Final value including sale of all calls is $3,860, down (11.0%)

Buy 400 shares of SANGAMO BIOSCIENCES INC (SGMO) at $10.74  (closing last trade price) and sell 4 call Out-of-the-Money contracts of UGD IV (Sep$12.50) at $0.50 (closing bid price) expiring on 9/20/2008. Cost is $4,316, and income from sale of the calls is $184 and includes your commissions.  Annualized return if called is 210%.

Comments:

Exercised get-out price at $9.30 (-15%) on September 10 after buying back calls at $0.05. Final value including sale of all calls is $3,868, down (10.4%)

Buy 500 shares of WESTERN REFINING INC (WNR) at $9.06  (closing last trade price) and sell 5 call Out-of-the-Money contracts of WNR IB (Sep$10.00) at $0.80 (closing bid price) expiring on 9/20/2008. Cost is $4,550, and income from sale of the calls is $383 and includes your commissions.  Annualized return if called is 191%.

Comments:

Called on September 20 at $10.00. Final value including sale of all calls is $5,363, up 17.9%.

Buy 500 shares of DELTA AIR LINES INC (DAL) at $9.41  (closing last trade price) and sell 5 call Out-of-the-Money contracts of DAL IB (Sep$10.00) at $1.15 (closing bid price) expiring on 9/20/2008. Cost is $4,725, and income from sale of the calls is $558 and includes your commissions.  Annualized return if called is 184%.

Comments:

Exercised get-out price at $8.00 (-15%) on August 27 after buying back calls at $0.05. Final value including sale of all calls is $4,515, down (4.4%)

Buy 200 shares of RENESOLA LTD ADR (SOL) at $18.13  (closing last trade price) and sell 2 call Out-of-the-Money contracts of SOL ID (Sep$20.00) at $1.40 (closing bid price) expiring on 9/20/2008. Cost is $3,646, and income from sale of the calls is $267 and includes your commissions.  Annualized return if called is 178%.

Comments:

Exercised get-out price at $15.41 (-15%) on September 5 after buying back calls at $0.05. Final value including sale of all calls is $3,326, down (8.8%)

Buy 500 shares of CHINA SUNERGY CO LTD ADS (CSUN) at $9.05  (closing last trade price) and sell 5 call Out-of-the-Money contracts of FTU IB (Sep$10.00) at $0.65 (closing bid price) expiring on 9/20/2008. Cost is $4,545, and income from sale of the calls is $308 and includes your commissions.  Annualized return if called is 175%.

Comments:

Not called on September 20. Will now sell Oct10 at $0.35. Price at $9.32 and value at $5,125 , up 12.8% on September 20 including sale of all calls. Sold all shares at $4.53 to close out position on October 18. Final value including sale of all calls is $2,730, down (39.9%).

Buy 300 shares of YINGLI GREEN ENERGY ADS (YGE) at $15.64  (closing last trade price) and sell 3 call Out-of-the-Money contracts of YGE IW (Sep$17.50) at $0.80 (closing bid price) expiring on 9/20/2008. Cost is $4,712, and income from sale of the calls is $226 and includes your commissions.  Annualized return if called is 169%.

Comments:

Exercised get-out price at $13.29 (-15%) on September 11 after buying back calls at $0.05. Final value including sale of all calls is $3,183, down (11.2%)

Buy 300 shares of BOYD GAMING CORP (BYD) at $13.52  (closing last trade price) and sell 3 call Out-of-the-Money contracts of BYD IC (Sep$15.00) at $0.75 (closing bid price) expiring on 9/20/2008. Cost is $4,076, and income from sale of the calls is $211 and includes your commissions.  Annualized return if called is 162%.

Comments:

Exercised get-out price at $11.49 (-15%) on August 19 after buying back calls at $0.05. Final value including sale of all calls is $3,628, down (11.0%)

Buy 300 shares of VERIFONE HOLDINGS INC (PAY) at $16.00  (closing last trade price) and sell 3 call Out-of-the-Money contracts of PAY IW (Sep$17.50) at $1.10 (closing bid price) expiring on 9/20/2008. Cost is $4,820, and income from sale of the calls is $316 and includes your commissions.  Annualized return if called is 161%.

Comments:

Not called on September 20. Will now sell Oct17.5 at $1.10. Price at $17.23 and value at $5,899 , up 20.3% on September 20 including sale of all calls. Sold all shares at $11.73 to close out position on October 18. Final value including sale of all calls is $4,150, down (13.9%).

Buy 500 shares of REGIONS FINANCIAL CORP (RF) at $9.10  (closing last trade price) and sell 5 call Out-of-the-Money contracts of RF IB (Sep$10.00) at $0.55 (closing bid price) expiring on 9/20/2008. Cost is $4,570, and income from sale of the calls is $258 and includes your commissions.  Annualized return if called is 157%.

Comments:

Called on September 20 at $10.00. Final value including sale of all calls is $5,237, up 14.6%.

Buy 300 shares of HUNTSMAN CORP (HUN) at $14.26  (closing last trade price) and sell 3 call Out-of-the-Money contracts of HUN IC (Sep$15.00) at $1.50 (closing bid price) expiring on 9/20/2008. Cost is $4,298, and income from sale of the calls is $436 and includes your commissions.  Annualized return if called is 155%.

Comments:

Exercised get-out price at $12.12 (-15%) on September 8 after buying back calls at $0.05. Final value including sale of all calls is $4,072, down (6.0%)

Buy 300 shares of DELTA PETROLEUM CORP (DPTR) at $16.10  (closing last trade price) and sell 3 call Out-of-the-Money contracts of QHR IW (Sep$17.50) at $1.05 (closing bid price) expiring on 9/20/2008. Cost is $4,850, and income from sale of the calls is $301 and includes your commissions.  Annualized return if called is 151%.

Comments:

Called on September 20 at $17.50. Final value including sale of all calls is $5,800, up 20.3%.

Buy 700 shares of ISTAR FINANCIAL INC (SFI) at $6.97  (closing last trade price) and sell 7 call Out-of-the-Money contracts of SFI IU (Sep$7.50) at $0.50 (closing bid price) expiring on 9/20/2008. Cost is $4,899, and income from sale of the calls is $330 and includes your commissions.  Annualized return if called is 145%.

Comments:

Exercised get-out price at $5.92 (-15%) on August 20 after buying back calls at $0.05. Final value including sale of all calls is $4,418, down (9.8%)

Income from sale of calls is +$6,772.

All Positions closed out on October 18.

Cost of these ten (20) stocks is $90,492. At October 18, 2008 (expiration weekend), this list value is $85,995, down (5.0%).