Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 Dec

 Option Bid Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

COUNTRYWIDE FINANCIAL

CFC

$12.07

800

$9,676

CFCLC

$0.35

$258

15

26%

Comments:

Exercised get-out price at $10.26 (-15%) on November 20 after buying back calls at $0.05.

AMERICREDIT CORP.

AFC

$10.94

900

$9,866

AFCLV

$0.55

$472

12.5

18%

Comments:

Called in December at $12.50.

DILLARD DEPARTMENT STORES

DDS

$17.33

500

$8,685

DDSLD

$0.60

$283

20

18%

Comments:

Not called in December. Price at $19.46 on 12/22/2007. Will now sell Jan20 at $0.95. Exercised get-out price at $14.73 (-15%) on January 15, 2008 after buying back calls at $0.05.

CB RICHARD ELLIS GROUP

CBG

19.59

500

$9,815

CBGLX

$0.50

$233

22.5

16%

Comments:

Not called in December. Price at $22.21 on 12/22/2007. Will now sell Jan22.5 at $2.65. Exercised get-out price at $16.65 (-15%) on January 17, 2008 after buying back calls at $0.05.

CHICO'S FAS INC.

CHS

$11.08

900

$9,992

CHSLV

$0.40

$337

12.5

16%

Comments:

Not called in December. Price at $9.60 on 12/22/2007. Sold all shares at $9.60 to close out position.

VSE

$11.06

900

$9,974

VSELV

$0.25

$202

12.5

14%

Comments:

Called in December at $12.50.

BUILD-A-BEAR-WORKSHOP

BBW

$15.75

600

$9,470

BBWLW

$0.65

$371

17.5

14%

Comments:

Not called in December. Price at $15.00 on 12/22/2007. Will now sell Jan17.5 at $0.30. Exercised get-out price at $13.39 (-15%) on January 3, 2008 after buying back calls at $0.05.

CREE INC.

CREE

$22.58

400

$9,052

CQRLE

$0.75

$284

25

13%

Comments:

Not called in December. Price at $23.34 on 12/22/2007. Will now sell Jan25 at $1.55. Called in January, 2008 at $25.00.

AMERICAN ORIENTAL

AOB

$11.43

800

$9,164

AOBLV

$0.50

$378

12.5

13%

Comments:

Not called in December. Price at $11.04 on 12/22/2007. Will now sell Jan12.5 at $0.15. Exercised get-out price at $9.72 (-15%) on January 16, 2008 after buying back calls at $0.05.

QUIKSILVER INC.

ZQK

$11.42

800

$9,156

ZQKLV

$0.35

$258

12.5

12%

Comments:

Exercised get-out price at $9.71 (-15%) on December14 after buying back calls at $0.05.

Income from sale of calls is +$5,383.

All positions closed out in January 2008. Cost of these ten (10) stocks is $94,850 Return from premiums and appreciation at ($711). Real return is -0.8% ($711)/$94,850)