Buy 400 shares of REGIONS FINANCIAL CORP (RF) at $10.11  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of RF HV (Aug$12.50) at $0.60 (closing bid price) expiring on 8/16/2008. Cost is $4,064, and income from sale of the calls is $224 and includes your commissions.  Annualized return if called is 372%.

Comments:

Not called on August 16. Will now sell Sep12.5 at $0.10. Price at $9.10 and value at $3,888 , down (4.3%) on August 16 including sale of all calls. Exercised get-out price at $8.59 (-15%) on August 18 after buying back calls at $0.05. Final value including sale of all calls is $3,648, down (10.2%).

Buy 200 shares of RENESOLA LTD ADR (SOL) at $16.70  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of SOL HD (Aug$20.00) at $0.80 (closing bid price) expiring on 8/16/2008. Cost is $3,360, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 305%.

Comments:

Exercised get-out price at $14.20 (-15%) on August 8 after buying back calls at $0.05. Final value including sale of all calls is $2,964, down (11.8%)

Buy 200 shares of TESORO CORPORATION (TSO) at $16.69  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of TSO HD (Aug$20.00) at $0.75 (closing bid price) expiring on 8/16/2008. Cost is $3,358, and income from sale of the calls is $137 and includes your commissions.  Annualized return if called is 302%.

Comments:

Not called on August 16. Will now sell Sep20 at $0.70. Price at $18.08 and value at $3,880 , up 15.5% on August 16 including sale of all calls. Not called on September 20.  Sold all shares at $18.86 to close out position on September 20. Final value including sale of all calls is $4,036, up 20.2%.

Buy 100 shares of TBS INTERNATIONAL LTD (TBSI) at $37.21  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of TQF HI (Aug$45.00) at $1.05 (closing bid price) expiring on 8/16/2008. Cost is $3,741, and income from sale of the calls is $94 and includes your commissions.  Annualized return if called is 297%.

Comments:

Exercised get-out price at $31.63 (-15%) on August 5 after buying back calls at $0.05. Final value including sale of all calls is $3,240, down (13.4%)

Buy 500 shares of ISTAR FINANCIAL INC (SFI) at $8.94  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of SFI HB (Aug$10.00) at $1.05 (closing bid price) expiring on 8/16/2008. Cost is $4,490, and income from sale of the calls is $508 and includes your commissions.  Annualized return if called is 296%.

Comments:

Exercised get-out price at $7.60 (-15%) on July 21 after buying back calls at $0.05. Final value including sale of all calls is $4,265, down (5.0%)

Buy 500 shares of WESTERN REFINING INC (WNR) at $8.76  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of WNR HB (Aug$10.00) at $0.80 (closing bid price) expiring on 8/16/2008. Cost is $4,400, and income from sale of the calls is $383 and includes your commissions.  Annualized return if called is 291%.

Comments:

Exercised get-out price at $7.45 (-15%) on August 4 after buying back calls at $0.05. Final value including sale of all calls is $4,065, down (7.6%)

Buy 100 shares of ZIONS BANCORP (ZION) at $25.32  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of ZNQ HF (Aug$30.00) at $0.95 (closing bid price) expiring on 8/16/2008. Cost is $2,552, and income from sale of the calls is $84 and includes your commissions.  Annualized return if called is 272%.

Comments:

Not called on August 16. Will now sell Sep30 at $2.00. Price at $27.98 and value at $3,070 , up 20.3% on August 16 including sale of all calls. Called on September 20 at $30.00. Final value including sale of all calls is $3,252, up 27.4%.

Buy 400 shares of SYNCHRONOSS TECHNOLOGIES (SNCR) at $10.90  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of QQR HV (Aug$12.50) at $0.65 (closing bid price) expiring on 8/16/2008. Cost is $4,380, and income from sale of the calls is $244 and includes your commissions.  Annualized return if called is 257%.

Comments:

Called on August 16 at $12.50. Final value including sale of all calls is $5,224, up 19.3%.

Buy 500 shares of BOYD GAMING CORP (BYD) at $9.15  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of BYD HB (Aug$10.00) at $0.85 (closing bid price) expiring on 8/16/2008. Cost is $4,595, and income from sale of the calls is $408 and includes your commissions.  Annualized return if called is 231%.

Comments:

Called on August 16 at $10.00. Final value including sale of all calls is $5,388, up 17.3%.

Buy 300 shares of OFFICEMAX INCORPORATED (OMX) at $13.35  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of OMX HC (Aug$15.00) at $0.65 (closing bid price) expiring on 8/16/2008. Cost is $4,025, and income from sale of the calls is $181 and includes your commissions.  Annualized return if called is 212%.

Comments:

Not called on August 16. Will now sell Sep15 at $0.85. Price at $14.30 and value at $4,711 , up 17.0% on August 16 including sale of all calls. Not called on September 20.  Sold all shares at $11.11 to close out position on September 20. Final value including sale of all calls is $3,754, down (6.7%).

Buy 400 shares of BIDZ.COM INC (BIDZ) at $11.36  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of QGZ HV (Aug$12.50) at $0.80 (closing bid price) expiring on 8/16/2008. Cost is $4,564, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 211%.

Comments:

Exercised get-out price at $9.66 (-15%) on July 28 after buying back calls at $0.05. Final value including sale of all calls is $4,132, down (9.5%)

Buy 500 shares of AMERICREDIT CORP (ACF) at $9.12  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of ACF HB (Aug$10.00) at $0.60 (closing bid price) expiring on 8/16/2008. Cost is $4,580, and income from sale of the calls is $283 and includes your commissions.  Annualized return if called is 200%.

Comments:

Not called on August 16. Will now sell Sep10 at $0.35. Price at $8.14 and value at $4,510 , down (1.5%) on August 16 including sale of all calls. Exercised get-out price at $7.75 (-15%) on August 18 after buying back calls at $0.05. Final value including sale of all calls is $4,315, down (5.8%)

Buy 100 shares of QUICKSILVER RESOURCES (KWK) at $30.92  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of KWK HG (Aug$35.00) at $1.00 (closing bid price) expiring on 8/16/2008. Cost is $3,112, and income from sale of the calls is $89 and includes your commissions.  Annualized return if called is 200%.

Comments:

Exercised get-out price at $26.28 (-15%) on July 31 after buying back calls at $0.05. Final value including sale of all calls is $2,700, down (13.2%)

Buy 200 shares of SATYAM COMPUTER SERVICE (SAY) at $22.04  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of SAY HE (Aug$25.00) at $0.55 (closing bid price) expiring on 8/16/2008. Cost is $4,428, and income from sale of the calls is $97 and includes your commissions.  Annualized return if called is 197%.

Comments:

Not called on August 16. Will now sell Sep25 at $0.65. Price at $22.93 and value at $4,800 , up 8.4% on August 16 including sale of all calls.   Not called on September 20.  Sold all shares at $19.51 to close out position on September 20. Final value including sale of all calls is $4,116, down (7.0%).

Buy 300 shares of TCF FINANCIAL CORP (TCB) at $13.41  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of TCB HC (Aug$15.00) at $0.55 (closing bid price) expiring on 8/16/2008. Cost is $4,043, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 196%.

Comments:

Called on August 16 at $15.00. Final value including sale of all calls is $4,631, up 14.5%.

Buy 100 shares of TRICO MARINE SERVICES (TRMA) at $26.50  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of QFS HF (Aug$30.00) at $0.80 (closing bid price) expiring on 8/16/2008. Cost is $2,670, and income from sale of the calls is $69 and includes your commissions.  Annualized return if called is 195%.

Comments:

Not called on August 16. Price at $24.63 and value at $2,532 , down (5.2%) on August 16 including sale of all calls. Sold all shares on August 16 to close out position.

Buy 100 shares of LEGG MASON INC (LM) at $35.59  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of LM HH (Aug$40.00) at $1.20 (closing bid price) expiring on 8/16/2008. Cost is $3,579, and income from sale of the calls is $109 and includes your commissions.  Annualized return if called is 193%.

Comments:

Called on August 16 at $40.00. Final value including sale of all calls is $4,089, up 14.2%.

Buy 500 shares of SYNOVUS FINANCIAL CORP (SNV) at $9.44  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of SNV HB (Aug$10.00) at $0.85 (closing bid price) expiring on 8/16/2008. Cost is $4,740, and income from sale of the calls is $408 and includes your commissions.  Annualized return if called is 184%.

Comments:

Called on August 16 at $10.00. Final value including sale of all calls is $5,388, up 13.7%.

Buy 200 shares of FRONTIER OIL CORPORATION (FTO) at $18.27  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of FTO HD (Aug$20.00) at $1.00 (closing bid price) expiring on 8/16/2008. Cost is $3,674, and income from sale of the calls is $187 and includes your commissions.  Annualized return if called is 182%.

Comments:

Not called on August 16. Will now sell Sep20 at $1.15. Price at $19.19 and value at $4,242 , up 15.5% on August 16 including sale of all calls. Called on September 20 at $20.00. Final value including sale of all calls is $4,384, up 19.3%.

Buy 200 shares of MACY'S INC (M) at $18.09  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of M HD (Aug$20.00) at $0.70 (closing bid price) expiring on 8/16/2008. Cost is $3,638, and income from sale of the calls is $127 and includes your commissions.  Annualized return if called is 175%.

Comments:

Called on August 16 at $20.00. Final value including sale of all calls is $4,107, up 12.9%.

Income from sale of calls is +$5,088.

All positions closed out on September 20.

Cost of these ten (20) stocks is $77,992. At September 20, 2008 (expiration weekend), this list value is $80,230, up 2.9%.