Buy 200 shares of TESSERA TECHNOLOGIES (TSRA) at $20.63  (closing last trade price) and sell 2 contracts of TJQ EE (May$25.00) at $0.75 (closing bid price) expiring on 5/17/2008. Cost is $4,146, and income from sale of the calls is $137 and includes your commissions.  Annualized return if called is 301%.

Comments:

Not called on May 16. Will now sell Jun22.5 at $0.40. Price at $19.42 and value at $4,088 , down (1.4%) on May 16 including sale of all calls. Note that we have lowered the strike price but it is still above the purchase price. 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 $3,689, down (11.0%).

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 $17.73 on April 22 after buying back calls at $0.05. Final value including sale of all calls is $3,024, down (11.9%).

Buy 200 shares of FLOTEK INDUSTRIES INC (FTK) at $17.60  (closing last trade price) and sell 2 contracts of FTK ED (May$20.00) at $0.80 (closing bid price) expiring on 5/17/2008. Cost is $3,540, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 216%.

Comments:

Not called on May 16. Will now sell Jun20 at $0.30. Price at $17.00 and value at $3,594 , up 1.5% on May 16 including sale of all calls. Called on June 21 at $20.00. Final value including sale of all calls is $4,174, up 17.9%.

Buy 100 shares of CLEAR CHANNEL COMM INC (CCU) at $28.51  (closing last trade price) and sell 1 contracts of CCU EZ (May$32.50) at $1.15 (closing bid price) expiring on 5/17/2008. Cost is $2,871, and income from sale of the calls is $104 and includes your commissions.  Annualized return if called is 212%.

Comments:

Called on May 16 at $32.50. Final value including sale of all calls is $3,334, up 16.1%.

Buy 200 shares of CONTINENTAL AIRLINES B (CAL) at $21.86  (closing last trade price) and sell 2 contracts of CAL EE (May$25.00) at $0.65 (closing bid price) expiring on 5/17/2008. Cost is $4,392, and income from sale of the calls is $117 and includes your commissions.  Annualized return if called is 208%.

Comments:

Exercised get out price at $18.58 on April 22 after buying back calls at $0.05. Final value including sale of all calls is $3,810, down (13.2%).

Buy 200 shares of NUTRISYSTEM INC (NTRI) at $20.01  (closing last trade price) and sell 2 contracts of NSI EX (May$22.50) at $0.75 (closing bid price) expiring on 5/17/2008. Cost is $4,022, and income from sale of the calls is $137 and includes your commissions.  Annualized return if called is 192%.

Comments:

Not called on May 16. Will now sell Jun22.5 at $0.85. Price at $21.48 and value at $4,590 , up 14.1% on May 16 including sale of all calls. Exercised get out price at $17.01 on June 11 after buying back calls at $0.05. Final value including sale of all calls is $3,673, down (8.7%).

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 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 100 shares of FRONTIER OIL CORPORATION (FTO) at $26.73  (closing last trade price) and sell 1 contracts of FTO EF (May$30.00) at $0.60 (closing bid price) expiring on 5/17/2008. Cost is $2,693, and income from sale of the calls is $49 and includes your commissions.  Annualized return if called is 166%.

Comments:

Not called on May 16. Will now sell Jun30 at $0.45. Price at $26.31 and value at $2,703 , up 0.7% on May 16 including sale of all calls. Not called on June 21. Price at $24.99 and value at $2,581 on June 21. Sold all shares at $24.99 to close out position on June 21. Proceeds $2,581  including sale of all calls and commission, down (4.2%).

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 200 shares of SKECHERS USA INC (SKX) at $18.27  (closing last trade price) and sell 2 contracts of SKX ED (May$20.00) at $0.60 (closing bid price) expiring on 5/17/2008. Cost is $3,674, and income from sale of the calls is $107 and includes your commissions.  Annualized return if called is 148%.

Comments:

Called on May 16 at $20.00. Final value including sale of all calls is $4,087, up 11.2%.

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 $5,501, up 10.9%.

Buy 300 shares of RADIOSHACK CORP (RSH) at $16.15  (closing last trade price) and sell 3 contracts of RSH EW (May$17.50) at $0.55 (closing bid price) expiring on 5/17/2008. Cost is $4,865, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 139%.

Comments:

Not called on May 16. Will now sell Jun17.5 at $1.X30X. Price at $15.83 and value at $4,975 , up 2.3% on May 16 including sale of all calls. Exercised get out price at $13.73 on June 10 after buying back calls at $0.05. Final value including sale of all calls is $4,316, down (11.3%).

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 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 100 shares of GOODYEAR TIRE&RUBBER CO (GT) at $27.40  (closing last trade price) and sell 1 contracts of GT EF (May$30.00) at $0.55 (closing bid price) expiring on 5/17/2008. Cost is $2,760, and income from sale of the calls is $44 and includes your commissions.  Annualized return if called is 130%.

Comments:

Not called on May 16. Will now sell Jun30 at $0.85. Price at $28.98 and value at $3,045 , up 9.2% on May 16 including sale of all calls. Exercised get out price at $23.29 on June 11 after buying back calls at $0.05. Final value including sale of all calls is $2,430, down (12.0%).

Buy 200 shares of SIERRA WIRELESS INC (SWIR) at $18.89  (closing last trade price) and sell 2 contracts of IYQ ED (May$20.00) at $1.00 (closing bid price) expiring on 5/17/2008. Cost is $3,798, and income from sale of the calls is $187 and includes your commissions.  Annualized return if called is 129%.

Comments:

Not called on May 16. Will now sell Jun20 at $0.15. Price at $17.63 and value at $3,526 , down (1.8%) on May 16 including sale of all calls. Exercised get out price at $16.06 on June 10 after buying back calls at $0.05. Final value including sale of all calls is $3,393, down (10.7%).

Buy 100 shares of CLEAR CHANNEL COMM INC (CCU) at $28.51  (closing last trade price) and sell 1 contracts of CCU EF (May$30.00) at $1.75 (closing bid price) expiring on 5/17/2008. Cost is $2,871, and income from sale of the calls is $164 and includes your commissions.  Annualized return if called is 128%.

Comments:

Called on May 16 at $30.00. Final value including sale of all calls is $3,143, up 9.5%.

Income from sale of calls is +$3,865.

All positions closed out on June 21, 2008

Cost of these ten (20) stocks is $78,866. At June 21, 2008 (expiration weekend), this list value is $75,336, down (4.5%)