Buy 600 shares of BARCLAYS PLC ADR (BCS) at $7.25  (closing last trade price) and sell 6 call  Out-of-the-Money contracts of BCS BB (Feb$10.00) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $4,370, and income from sale of the calls is $311 and includes your commissions.  Annualized return if called is 463%.

Comments:

Bought 600 shares of BARCLAYS PLC ADR (BCS) at $4.30  (closing last trade price) and sell 6 call Out-of-the-Money contracts of BCS BU (Feb$7.5) at $0.30 (closing bid price) expiring on 2/21/2009. Cost is $2,600, and income from sale of the calls is $161 and includes your commissions. Exercised get-out price at $3.66 (-15%) on January 26 after buying back calls at $0.05. Proceeds $2,176 after commission and call buy back. Final value including sale of all calls is $2,308, down (11.2%).

Buy 300 shares of ZIONS BANCORP (ZION) at $16.49  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of ZNQ BX (Feb$22.50) at $0.80 (closing bid price) expiring on 2/21/2009. Cost is $4,967, and income from sale of the calls is $226 and includes your commissions.  Annualized return if called is 422%.

Comments:

Bought 300 shares of ZIONS BANCORP (ZION) at $15.01  (closing last trade price) and sell 3 call Out-of-the-Money contracts of ZNQ BX (Feb$22.50) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $4,523, and income from sale of the calls is $181 and includes your commissions. Exercised get-out price at $12.76 (-15%) on February 10 after buying back calls at $0.05. Proceeds $3,808 after commission and call buy back. Final value including sale of all calls is $3,979, down (12.0%).

Buy 300 shares of PRINCIPAL FINANCIAL GRP (PFG) at $16.19  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of PFG BD (Feb$20.00) at $1.10 (closing bid price) expiring on 2/21/2009. Cost is $4,877, and income from sale of the calls is $316 and includes your commissions.  Annualized return if called is 308%.

Comments:

Bought 300 shares of PRINCIPAL FINANCIAL GRP (PFG) at $14.74  (closing last trade price) and sell 3 call Out-of-the-Money contracts of PFG BD (Feb$20.00) at $0.90 (closing bid price) expiring on 2/21/2009. Cost is $4,442, and income from sale of the calls is $256 and includes your commissions. Exercised get-out price at $12.53 (-15%) on February 10 after buying back calls at $0.05. Proceeds $3,739 after commission and call buy back. Final value including sale of all calls is $3,985, down (10.3%).

Buy 200 shares of LINCOLN NATIONAL CORP (LNC) at $18.21  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of LNC BX (Feb$22.50) at $1.10 (closing bid price) expiring on 2/21/2009. Cost is $3,662, and income from sale of the calls is $207 and includes your commissions.  Annualized return if called is 298%.

Comments:

Bought 200 shares of LINCOLN NATIONAL CORP (LNC) at $16.37  (closing last trade price) and sell 2 call Out-of-the-Money contracts of LNC BX (Feb$22.50) at $0.85 (closing bid price) expiring on 2/21/2009. Cost is $3,294, and income from sale of the calls is $157 and includes your commissions. Exercised get-out price at $13.91 (-15%) on February 17 after buying back calls at $0.05. Proceeds $2,762 after commission and call buy back. Final value including sale of all calls is $2,926, down (11.2%).

Buy 200 shares of SUNTRUST BANKS INC (STI) at $19.94  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of STI BE (Feb$25.00) at $0.80 (closing bid price) expiring on 2/21/2009. Cost is $4,008, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 296%.

Comments:

Bought 200 shares of SUNTRUST BANKS INC (STI) at $17.37  (closing last trade price) and sell 2 call Out-of-the-Money contracts of STI BE (Feb$25.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $3,494, and income from sale of the calls is $117 and includes your commissions. Exercised get-out price at $14.76 (-15%) on January 22 after buying back calls at $0.05. Proceeds $2,932 after commission and call buy back. Final value including sale of all calls is $3,046, down (12.8%).

Buy 700 shares of DEVELOPERS DIVERSIFIED (DDR) at $6.28  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of DDR BU (Feb$7.50) at $0.60 (closing bid price) expiring on 2/21/2009. Cost is $4,416, and income from sale of the calls is $400 and includes your commissions.  Annualized return if called is 291

Comments:

Bought 700 shares of DEVELOPERS DIVERSIFIED (DDR) at $5.63  (closing last trade price) and sell 7 call Out-of-the-Money contracts of DDR BU (Feb$7.50) at $0.45 (closing bid price) expiring on 2/21/2009. Cost is $3,961, and income from sale of the calls is $295 and includes your commissions. Exercised get-out price at $4.79 (-15%) on January 26 after buying back calls at $0.05. Proceeds $3,333 after commission and call buy back. Final value including sale of all calls is $3,557, down (10.2%).

Buy 100 shares of M&T BANK CORP (MTB) at $39.93  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of MTB BJ (Feb$50.00) at $0.95 (closing bid price) expiring on 2/21/2009. Cost is $4,013, and income from sale of the calls is $84 and includes your commissions.  Annualized return if called is 278%.

Comments:

Bought 100 shares of M&T BANK CORP (MTB) at $41.95  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of MTB BJ (Feb$50.00) at $0.75 (closing bid price) expiring on 2/21/2009. Cost is $3,776, and income from sale of the calls is $64 and includes your commissions. Not called on February 21.  Sold all shares at $35.10 to close out position on February 21. Proceeds $3,790 after commission. Final value including sale of all calls is $3,559, down (5.8%).

Buy 200 shares of RELIANCE STEEL & ALUM CO (RS) at $37.56  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of RS BE (Feb$25.00) at $0.60 (closing bid price) expiring on 2/21/2009. Cost is $4,072, and income from sale of the calls is $127 and includes your commissions.  Annualized return if called is 270%.

Comments:

Bought 200 shares of RELIANCE STEEL & ALUM CO (RS) at $19.97  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of RS BE (Feb$25.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $4,014, and income from sale of the calls is $117 and includes your commissions. Called at $25.00 on February 21. Proceeds $4,980 after commission. Final value including sale of all calls is $5,097, up 27.0%

Buy 100 shares of BAKER HUGHES INC (BHI) at $31.88  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of BHI BH (Feb$40.00) at $0.50 (closing bid price) expiring on 2/21/2009. Cost is $3,208, and income from sale of the calls is $39 and includes your commissions.  Annualized return if called is 270%.

Comments:

Bought 100 shares of BAKER HUGHES INC (BHI) at $30.27  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of BHI BH (Feb$40.00) at $0.40 (closing bid price) expiring on 2/21/2009. Cost is $3,046, and income from sale of the calls is $29 and includes your commissions. Not called on February 21.  Sold all shares at $30.15 to close out position on February 21. Proceeds $2,995 after commission. Final value including sale of all calls is $3,044, down (0.1%).

Buy 100 shares of HSBC HOLDINGS PLC (HBC) at $39.95  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of HBC BJ (Feb$50.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $4,015, and income from sale of the calls is $54 and includes your commissions.  Annualized return if called is 270%.

Comments:

Bought 100 shares of HSBC HOLDINGS PLC (HBC) at $34.25  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of HBC BH (Feb$40.00) at $1.25 (closing bid price) expiring on 2/21/2009. Cost is $4,015, and income from sale of the calls is $114 and includes your commissions. Exercised get-out price at $4.79 (-15%) on January 26 after buying back calls at $0.05. Proceeds $3,333 after commission and call buy back. Final value including sale of all calls is $3,557, down (10.2%).

Buy 100 shares of METLIFE INC (MET) at $28.44  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of MET BG (Feb$35.00) at $0.95 (closing bid price) expiring on 2/21/2009. Cost is $2,864, and income from sale of the calls is $84 and includes your commissions.  Annualized return if called is 262%.

Comments:

Bought 100 shares of METLIFE INC (MET) at $25.78  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of MET BG (Feb$35.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $2,598, and income from sale of the calls is $54 and includes your commissions. Exercised get-out price at $21.91 (-15%) on February 19 after buying back calls at $0.05. Proceeds $2,171 after commission and call buy back. Final value including sale of all calls is $2,228, down (14.2%).

Buy 100 shares of STATE STREET CORP (STT) at $36.35  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of STT BI (Feb$45.00) at $0.85 (closing bid price) expiring on 2/21/2009. Cost is $3,655, and income from sale of the calls is $74 and includes your commissions.  Annualized return if called is 262%.

Comments:

Bought 100 shares of STATE STREET CORP (STT) at $19.20  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of STT BX (Feb$22.50) at $0.90 (closing bid price) expiring on 2/21/2009. Cost is $1,940, and income from sale of the calls is $79 and includes your commissions. Called on February 21 at $22.50. Proceeds $2,230 after commission.  Final value including sale of all calls is $2,309, up 19.0%.

Buy 200 shares of US BANCORP (USB) at $18.32  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of USB BX (Feb$22.50) at $0.50 (closing bid price) expiring on 2/21/2009. Cost is $3,684, and income from sale of the calls is $87 and includes your commissions.  Annualized return if called is 256%.

Comments:

Bought 200 shares of US BANCORP (USB) at $17.48  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of USB BX (Feb$22.50) at $0.40 (closing bid price) expiring on 2/21/2009. Cost is $3,516, and income from sale of the calls is $67 and includes your commissions. Exercised get-out price at $14.86 (-15%) on January 22 after buying back calls at $0.05. Proceeds $2,952 after commission and call buy back. Final value including sale of all calls is $3,016, down (14.2%).

Buy 200 shares of BB&T CORP (BBT) at $20.83  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of BBT BE (Feb$25.00) at $0.75 (closing bid price) expiring on 2/21/2009. Cost is $4,186, and income from sale of the calls is $137 and includes your commissions.  Annualized return if called is 237%.

Comments:

Bought 200 shares of BB&T CORP (BBT) at $20.01  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of BBT BE (Feb$25.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $4,021, and income from sale of the calls is $117 and includes your commissions. Exercised get-out price at $17.01 (-15%) on February 12 after buying back calls at $0.05. Proceeds $3,382 after commission and call buy back. Final value including sale of all calls is $3,496, down (13.1%).

Buy 200 shares of HARMAN INTERNAT IND INC (HAR) at $18.65  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of HAR BX (Feb$22.50) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $3,750, and income from sale of the calls is $97 and includes your commissions.  Annualized return if called is 236%.

Comments:

Bought 200 shares of HARMAN INTERNAT IND INC (HAR) at $18.12  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of HAR BX (Feb$22.50) at $0.50 (closing bid price) expiring on 2/21/2009. Cost is $3,644, and income from sale of the calls is $87 and includes your commissions. Exercised get-out price at $15.40 (-15%) on February 10 after buying back calls at $0.05. Proceeds $3,060 after commission and call buy back. Final value including sale of all calls is $3,144, down (13.7%).

Buy 200 shares of BANK OF NEW YORK MELLON (BK) at $22.96  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of BK BY (Feb$27.50) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $4,612, and income from sale of the calls is $97 and includes your commissions.  Annualized return if called is 223%.

Comments:

Bought 200 shares of BANK OF NEW YORK MELLON (BK) at $16.95  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of BK BE (Feb$25.00) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $3,410, and income from sale of the calls is $97 and includes your commissions. Called on February 21 at $25.00. Proceeds $4,980 after commission.  Final value including sale of all calls is $4,663, up 36.7%.

Buy 100 shares of ANADARKO PETROLEUM CORP (APC) at $37.48  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of APC BI (Feb$45.00) at $0.70 (closing bid price) expiring on 2/21/2009. Cost is $3,768, and income from sale of the calls is $59 and includes your commissions.  Annualized return if called is 219%.

Comments:

Bought 100 shares of ANADARKO PETROLEUM CORP (APC) at $36.72  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of APC BI (Feb$45.00) at $0.60 (closing bid price) expiring on 2/21/2009. Cost is $3,392, and income from sale of the calls is $49 and includes your commissions. Not called on February 21.  Sold all shares at $35.57 to close out position on February 21. Proceeds $3,537 after commission. Final value including sale of all calls is $3,606, down (2.3%).  

Buy 100 shares of T. ROWE PRICE GROUP (TROW) at $29.72(closing last trade price) and sell 1 call  Out-of-the-Money contracts of RQW BG (Feb$35.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $2,949, and income from sale of the calls is $54 and includes your commissions.  Annualized return if called is 214%.

Comments:

Bought 100 shares of T. ROWE PRICE GROUP (TROW) at $28.61  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of RQW BG (Feb$35.00) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $2,881, and income from sale of the calls is $44 and includes your commissions. Exercised get-out price at $24.32 (-15%) on February 19 after buying back calls at $0.05. Proceeds $2,412 after commission and call buy back. Final value including sale of all calls is $2,459, down (14.6%).

Buy 200 shares of AMERIPRISE FINANCIAL (AMP) at $21.31  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of AMP BE (Feb$25.00) at $0.80 (closing bid price) expiring on 2/21/2009. Cost is $4,282, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 211%.

Comments:

Bought 200 shares of AMERIPRISE FINANCIAL (AMP) at $19.26  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of AMP BE (Feb$25.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $3,872, and income from sale of the calls is $117 and includes your commissions. Not called on February 21.  Sold all shares at $17.15 to close out position on February 21. Proceeds $3,410 after commission. Final value including sale of all calls is $3,547, down (8.3%).

Buy 200 shares of MOODY'S CORP (MCO) at $21.39  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of MCO BE (Feb$25.00) at $0.85 (closing bid price) expiring on 2/21/2009. Cost is $4,298, and income from sale of the calls is $157 and includes your commissions.  Annualized return if called is 208%.

Comments:

Bought 200 shares of MOODY'S CORP (MCO) at $20.33  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of MCO BE (Feb$25.00) at $0.70 (closing bid price) expiring on 2/21/2009. Cost is $4,087, and income from sale of the calls is $127 and includes your commissions. Not called on February 21.  Sold all shares at $19.16 to close out position on February 21. Proceeds $3,812 after commission. Final value including sale of all calls is $3,959, down (3.1%). 

Income from sale of calls is +$1,974 (actual).

All positions closed out on February 21.

Cost of these ten (20) stocks is $70,256 (actual). At February 21, 2009 (expiration weekend), this list value is $67,488, down (3.9%) (actual). The DOW was down (11.1%) for the period this list was open.