Buy 100 shares of QUICKSILVER RESOURCES (KWK) at $39.20  (closing last trade price) and sell 1 contracts of KWK FI (Jun$45.00) at $0.65 (closing bid price) expiring on 6/21/2008. Cost is $3,940, and income from sale of the calls is $54 and includes your commissions.  Annualized return if called is 163%.

Comments:

Exercised get out price at $33.32 on July 16 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $3,437, down (12.7%).

Buy 200 shares of CONTINENTAL AIRLINES B (CAL) at $17.96  (closing last trade price) and sell 2 contracts of CAL FD (Jun$20.00) at $0.85 (closing bid price) expiring on 6/21/2008. Cost is $3,612, and income from sale of the calls is $157 and includes your commissions.  Annualized return if called is 157%.

Comments:

Exercised get out price at $15.27 on May 21 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $3,188, down (11.7%).

Buy 100 shares of SUNOCO INC (SUN) at $44.53  (closing last trade price) and sell 1 contracts of SUN FJ (Jun$50.00) at $0.65 (closing bid price) expiring on 6/21/2008. Cost is $4,473, and income from sale of the calls is $54 and includes your commissions.  Annualized return if called is 135%.

Comments:

Not called on June 21. Will now sell Jul45 at $0.45. Price at $38.83 and value at $3,970 on June 21 including sale of all calls, down (11.2%). Note that we have lowered the strike price because it is still above the purchase price. Exercised get out price at $37.85 (-15%) on June 27 after buying back calls at $0.05. Final value including sale of all calls is $3,856, down (13.8%)

Buy 200 shares of CONN'S INC (CONN) at $18.24  (closing last trade price) and sell 2 contracts of UOK FD (Jun$20.00) at $0.75 (closing bid price) expiring on 6/21/2008. Cost is $3,668, and income from sale of the calls is $137 and includes your commissions.  Annualized return if called is 133%.

Comments:

Not called on June 21. Will now sell Jul20 at $0.35. Price at $17.70 and value at $3,734 on June 21 including sale of all calls, up 1.8%. Exercised get out price at $15.50 (-15%) on July 1 after buying back calls at $0.05. Final value including sale of all calls is $3,271, down (10.8%)

Buy 100 shares of J.C. PENNEY CO INC (JCP) at $45.01  (closing last trade price) and sell 1 contracts of JCP FJ (Jun$50.00) at $0.50 (closing bid price) expiring on 6/21/2008. Cost is $4,521, and income from sale of the calls is $39 and includes your commissions.  Annualized return if called is 119%.

Comments:

Exercised get out price at $38.26 on June 11 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $3,865, down (14.9%).

Buy 100 shares of TERRA INDUSTRIES INC (TRA) at $45.97  (closing last trade price) and sell 1 contracts of TRA FJ (Jun$50.00) at $1.50 (closing bid price) expiring on 6/21/2008. Cost is $4,617, and income from sale of the calls is $139 and includes your commissions.  Annualized return if called is 118%.

Comments:

Called on June 21 at $50.00. Final value including sale of all calls is $5,118, up 10.9%.

Buy 100 shares of SHANDA INTERACTV ENT LTD (SNDA) at $36.96  (closing last trade price) and sell 1 contracts of QKU FH (Jun$40.00) at $1.45 (closing bid price) expiring on 6/21/2008. Cost is $3,716, and income from sale of the calls is $134 and includes your commissions.  Annualized return if called is 117%.

Comments:

Exercised get out price at $31.42 on June 6 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $3,259, down (12.3%).

Buy 100 shares of MANITOWOC CO INC (MTW) at $40.83  (closing last trade price) and sell 1 contracts of MTW FI (Jun$45.00) at $0.50 (closing bid price) expiring on 6/21/2008. Cost is $4,103, and income from sale of the calls is $39 and includes your commissions.  Annualized return if called is 111%.

Comments:

Not called on June 21. Will now sell Jul45 at $0.15. Price at $37.40 and value at $3,782 on June 21 including sale of all calls, down (7.8%). Exercised get out price at $31.71 (-15%) on June 26 after buying back calls at $0.05. Final value including sale of all calls is $3,497, down

(14.8%)

Buy 100 shares of HOLLY CORP (HOC) at $41.37  (closing last trade price) and sell 1 contracts of HOC FI (Jun$45.00) at $1.00 (closing bid price) expiring on 6/21/2008. Cost is $4,157, and income from sale of the calls is $89 and includes your commissions.  Annualized return if called is 108%.

Comments:

Not called on June 21. Will now sell Jul45 at $0.60. Price at $39.73 and value at $4,110 on June 21 including sale of all calls, down (1.1%). Exercised get out price at $35.16 (-15%) on July 2 after buying back calls at $0.05. Final value including sale of all calls is $3,637, down (12.5%)

Buy 100 shares of HERBALIFE LTD (HLF) at $41.93  (closing last trade price) and sell 1 contracts of HLF FI (Jun$45.00) at $1.45 (closing bid price) expiring on 6/21/2008. Cost is $4,213, and income from sale of the calls is $134 and includes your commissions.  Annualized return if called is 104%.

Comments:

Not called on June 21. Will now sell Jul45 at $0.15. Price at $36.60 and value at $3,797 on June 21 including sale of all calls, down (9.9%). Not called on July 19.  Price at $40.05 on July 18. Sold all shares at $40.05 to close out position on July 19. Final value including sale of all calls is $4,142, down (1.7%).

Buy 100 shares of CERADYNE INC (CRDN) at $41.74  (closing last trade price) and sell 1 contracts of AUE FI (Jun$45.00) at $1.10 (closing bid price) expiring on 6/21/2008. Cost is $4,194, and income from sale of the calls is $99 and includes your commissions.  Annualized return if called is 101%.

Comments:

Not called on June 21. Will now sell Jul45 at $0.25. Price at $38.01 and value at $3,913 on June 21 including sale of all calls, down (6.7%). Exercised get out price at $35.48 (-15%) on June 30 after buying back calls at $0.05. Final value including sale of all calls is $3,644, down

(13.1%)

Buy 100 shares of RTI INTERNAT METAL INC (RTI) at $46.43  (closing last trade price) and sell 1 contracts of RTI FJ (Jun$50.00) at $1.10 (closing bid price) expiring on 6/21/2008. Cost is $4,663, and income from sale of the calls is $99 and includes your commissions.  Annualized return if called is 98%.

Comments:

Exercised get out price at $39.47 on June 11 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $4,029, down (13.6%).

Buy 100 shares of LIFE TIME FITNESS INC (LTM) at $36.75  (closing last trade price) and sell 1 contracts of LTM FH (Jun$40.00) at $0.50 (closing bid price) expiring on 6/21/2008. Cost is $3,695, and income from sale of the calls is $39 and includes your commissions.  Annualized return if called is 97%.

Comments:

Not called on June 21. Will now sell Jul40 at $0.15. Price at $33.83 and value at $3,425 on June 21 including sale of all calls, down (7.3%). Exercised get out price at $31.24 (-15%) on June 26 after buying back calls at $0.05. Final value including sale of all calls is $3,150, down

(14.8%)

Buy 300 shares of AMERICREDIT CORP (ACF) at $14.10  (closing last trade price) and sell 3 contracts of ACF FC (Jun$15.00) at $0.50 (closing bid price) expiring on 6/21/2008. Cost is $4,250, and income from sale of the calls is $136 and includes your commissions.  Annualized return if called is 95%.

Comments:

Exercised get out price at $11.99 on June 10 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $3,703, down (12.9%).

Buy 100 shares of ANN TAYLOR STORES CORP (ANN) at $27.98  (closing last trade price) and sell 1 contracts of ANN FF (Jun$30.00) at $0.75 (closing bid price) expiring on 6/21/2008. Cost is $2,818, and income from sale of the calls is $64 and includes your commissions.  Annualized return if called is 91%.

Comments:

Not called on June 21. Will now sell Jul30 at $0.15. Price at $25.28 and value at $2,625 on June 21 including sale of all calls, down (6.8%). Exercised get out price at $23.78 (-15%) on July 2 after buying back calls at $0.05. Final value including sale of all calls is $2,429, down (13.8%)

Buy 100 shares of BIG LOTS INC (BIG) at $28.61  (closing last trade price) and sell 1 contracts of BIG FF (Jun$30.00) at $1.35 (closing bid price) expiring on 6/21/2008. Cost is $2,881, and income from sale of the calls is $124 and includes your commissions.  Annualized return if called is 88%.

Comments:

Called on June 21 at $30.00. Final value including sale of all calls is $3,104, up 7.7%.

Buy 100 shares of LAM RESEARCH CORP (LRCX) at $41.91  (closing last trade price) and sell 1 contracts of LMQ FI (Jun$45.00) at $0.75 (closing bid price) expiring on 6/21/2008. Cost is $4,211, and income from sale of the calls is $64 and includes your commissions.  Annualized return if called is 87%.

Comments:

Not called on June 21. Will now sell Jul40 at $0.50. Price at $36.69 and value at $3,771 on June 21 including sale of all calls, down (10.4%). Note that we have lowered the strike price. Exercised get out price at $35.62 (-15%) on July 3 after buying back calls at $0.05. Final value including sale of all calls is $3,648, down (13.4%)

Buy 300 shares of OMNIVISION TECHNOLOGIES (OVTI) at $16.56  (closing last trade price) and sell 3 contracts of UCM FW (Jun$17.50) at $0.55 (closing bid price) expiring on 6/21/2008. Cost is $4,988, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 86%.

Comments:

Exercised get out price at $14.08 on June 17 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $4,345, down (12.9%).

Buy 100 shares of CAL-MAINE FOODS INC (CALM) at $33.64  (closing last trade price) and sell 1 contracts of QKM FG (Jun$35.00) at $1.65 (closing bid price) expiring on 6/21/2008. Cost is $3,384, and income from sale of the calls is $154 and includes your commissions.  Annualized return if called is 83%.

Comments:

Exercised get out price at $28.59 on June 17 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $2,996, down (11.5%).

Buy 200 shares of NUTRISYSTEM INC (NTRI) at $21.48  (closing last trade price) and sell 2 contracts of NSI FX (Jun$22.50) at $0.85 (closing bid price) expiring on 6/21/2008. Cost is $4,316, and income from sale of the calls is $157 and includes your commissions.  Annualized return if called is 82%.

Comments:

Exercised get out price at $18.26 on June 10 after buying back calls at $0.05. Proceeds, including sale of all calls and commission is $3,786, down (12.3%).

Income from sale of calls is +$2,004.

All positions closed out on July 19, 2008.

Cost of these ten (20) stocks is $80,419. At July 19, 2008 (expiration weekend), this list value is $72,086, down (10.4%).