Covered Call Analyzer CONSERVATIVE "STOCKS-TO-CONSIDER"    

  for September, 2008

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We suspended our get-out rule on September 15, 2008 due to volatility. We have decided to keep this list open with the get-out rule suspended to see how long it takes to recover after the market crash. See our comments below for each buy/write.

NOTE: Because the markets tanked on Tuesday, January 20 (Inauguration Day), the first day of trading after publishing this list, we held off placing trades until about midday. We show our actual trades in the "Comments" field below.

Buy 200 shares of CONTINENTAL AIRLINES (CAL) at $18.40  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of CAL JX (Oct$22.50) at $1.20 (closing bid price) expiring on 10/18/2008. Cost is $3,700, and income from sale of the calls is $227 and includes your commissions.  Annualized return if called is 362%.
Comments:	Not called on October 18. Will now sell Nov20 at $1.25. Price at $16.91 and value at $3,846 , up +4.0% on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec12.5 at $1.60. Price at $11.30 and value at $3,031 , down (18.1%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $12.50. Proceeds $2,480 after commission. Total return including call premium is $3,251, down (12.1%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of RENESOLA LTD ADR (SOL) at $14.55  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of SOL JW (Oct$17.50) at $0.55 (closing bid price) expiring on 10/18/2008. Cost is $4,385, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 302%.
Comments:	Not called on October 18. Will now sell Nov10 at $0.50. Price at $7.39 and value at $2,503 , down (42.9%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec2.5 at $0.40. Price at $2.35 and value at $1,097 , down (75.0%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $2.50. Proceeds $730 after commission. Total return including call premium is $1,121, down (74.4%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of CONTINENTAL AIRLINES (CAL) at $18.40  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of CAL JD (Oct$20.00) at $1.95 (closing bid price) expiring on 10/18/2008. Cost is $3,700, and income from sale of the calls is $377 and includes your commissions.  Annualized return if called is 239%.
Comments:	Not called on October 18. Will now sell Nov17.5 at $2.15. Price at $16.91 and value at $4,176 , up +12.9% on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec12.5 at $1.60. Price at $11.30 and value at $3,361 , down (9.2%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $12.50. Proceeds $2,480 after commission. Total return including call premium is $3,581, down (3.2%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of FRONTIER OIL CORPORATION (FTO) at $21.63  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of FTO JE (Oct$25.00) at $0.55 (closing bid price) expiring on 10/18/2008. Cost is $4,346, and income from sale of the calls is $97 and includes your commissions.  Annualized return if called is 225%.
Comments:	Not called on October 18. Will now sell Nov12.5 at $1.05. Price at $10.86 and value at $2,466 , down (43.3%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec10 at $1.05. Price at $9.55 and value at $2,401 , down (44.7%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $10.00. Proceeds $1,980 after commission. Total return including call premium is $2,471, down (43.1%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of PRIDE INTERNATL INC (PDE) at $34.61  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of PDE JH (Oct$40.00) at $0.75 (closing bid price) expiring on 10/18/2008. Cost is $3,481, and income from sale of the calls is $64 and includes your commissions.  Annualized return if called is 218%.
Comments:	Not called on October 18. Will now sell Nov20 at $1.50. Price at $17.38 and value at $1,940 , down (44.3%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec15 at $1.05. Price at $13.35 and value at $1,631 , down (53.2%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $15.00. Proceeds $1,480 after commission. Total return including call premium is $1,775, down (49.0%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of INTERACTIVE BROKERS GRP (IBKR) at $21.97  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of QBO JE (Oct$25.00) at $0.80 (closing bid price) expiring on 10/18/2008. Cost is $4,414, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 216%.
Comments:	Not called on October 18. Will now sell Nov25 at $3.50. Price at $22.03 and value at $5,240 , up +18.7% on October 18 including sale of all calls. Not called on November 22. Will now sell Dec17.5 at $0.55. Price at $14.75 and value at $3,881 , down (12.1%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan17.5 at $1.05. Price at $17.30 and value at $4,588 , up 3.9% on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Called on January 17 at $17.50. Proceeds $3,480 after commission. Final value including sale of all calls is $4,608, up 4.4%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of COMMERCIAL METALS CO (CMC) at $21.98  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of CMC JE (Oct$25.00) at $0.80 (closing bid price) expiring on 10/18/2008. Cost is $4,416, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 216%.
Comments:	Not called on October 18. Will now sell Nov12.5 at $0.70. Price at $9.88 and value at $2,250 , down (49.0%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec10 at $0.40. Price at $7.61 and value at $1,863 , down (57.8%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $10.00. Proceeds $1,980 after commission. Total return including call premium is $2,321, down (47.4%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of NABORS INDUSTRIES LTD (NBR) at $28.03  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of NBR JZ (Oct$32.50) at $0.50 (closing bid price) expiring on 10/18/2008. Cost is $2,823, and income from sale of the calls is $39 and includes your commissions.  Annualized return if called is 215%.
Comments:	Not called on October 18. Will now sell Nov17.5 at $1.60. Price at $15.51 and value at $1,738 , down (38.4%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec15 at $0.40. Price at $11.85 and value at $1,421 , down (49.7%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan12.5 at $0.60. Price at $11.23 and value at $1,407 , down (50.2%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb12.5 at $0.65. Price at $11.28 and value at $1,445 , down (48.8%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar10 at $0.65. Note that we have lowered the strike price. Price at $9.52 and value at $1,323 , down (53.1%) on February 21 including sale of all calls. Call premium ($53) will be added to proceeds below to purchase more stock and sell more calls. Called on March 21 at $10.00. Proceeds $980 after commission. Total return including call premium is $1,371, down (51.4%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of STEEL DYNAMICS INC (STLD) at $22.25  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of RQL JE (Oct$25.00) at $1.00 (closing bid price) expiring on 10/18/2008. Cost is $4,470, and income from sale of the calls is $187 and includes your commissions.  Annualized return if called is 209%.
Comments:	Not called on October 18. Will now sell Nov10 at $0.95. Price at $8.75 and value at $2,114 , down (52.7%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec7.5 at $0.45. Price at $6.10 and value at $1,661 , down (62.8%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $7.50. Proceeds $1,480 after commission. Total return including call premium is $1,921, down (57.0%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of GRAFTECH INTL LTD (GTI) at $17.74  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of GTI JD (Oct$20.00) at $0.65 (closing bid price) expiring on 10/18/2008. Cost is $3,568, and income from sale of the calls is $117 and includes your commissions.  Annualized return if called is 201%.
Comments:	Not called on October 18. Will now sell Nov10 at $0.45. Price at $7.71 and value at $1,736 , down (51.3%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec5 at $0.45. Price at $4.46 and value at $1,163 , down (67.4%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $5.00. Proceeds $980 after commission. Total return including call premium is $1,251, down (64.9%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of NRG ENERGY INC (NRG) at $30.59  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of NRG JG (Oct$35.00) at $0.65 (closing bid price) expiring on 10/18/2008. Cost is $3,079, and income from sale of the calls is $54 and includes your commissions.  Annualized return if called is 201%.
Comments:	Not called on October 18. Will now sell Nov22.5 at $1.65. Price at $19.33 and value at $2,140 , down (30.5%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec22.5 at $1.10. Price at $19.00 and value at $2,206 , down (28.4%) on November 22 including sale of all calls. Not called on December 20. Will now sell Jan22.5 at $1.70. Price at $21.67 and value at $2,631 , down (14.5%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Called on January 17 at $22.50. Proceeds $2,230 after commission. Final value including sale of all calls is $2,694, down (12.5%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of TEMPLE INLAND INC (TIN) at $17.68  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of TIN JD (Oct$20.00) at $0.50 (closing bid price) expiring on 10/18/2008. Cost is $3,556, and income from sale of the calls is $87 and includes your commissions.  Annualized return if called is 195%.
Comments:	Not called on October 18. Will now sell Nov10 at $0.75. Price at $8.31 and value at $1,886 , down (47.0%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec5 at $0.10. Price at $2.94 and value at $819 , down (77.0%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan5 at $0.30. Price at $4.72 and value at $1,222 , down (65.6%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb5 at $0.25. Price at $4.05 and value at $810, down (68.4%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar5 at $0.10. Price at $4.06 and value at $1,134, down (68.1%) on February 21 including sale of all calls. Call premium ($9) will be added to proceeds below to purchase more stock and sell more calls. Not called on March 21. Will now sell Apr5 at $0.50. Price at $4.57 and value at $1,236 , down (65.2%) on March 21 including sale of all calls. Call premium ($87) will be added to proceeds below to purchase more stock and sell more calls. Called on April 18 at $5.00. Proceeds $980 after commission. Final value including sale of all calls is $1,207, down (66.1%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 400 shares of CIENA CORP (CIEN) at $11.28  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of EUQ JV (Oct$12.50) at $0.50 (closing bid price) expiring on 10/18/2008. Cost is $4,532, and income from sale of the calls is $184 and includes your commissions.  Annualized return if called is 188%.
Comments:	Not called on October 18. Will now sell Nov10 at $0.30. Price at $7.73 and value at $3,380 , down (25.4%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec7.5 at $0.20. Price at $5.77 and value at $2,660 , down (41.3%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan7.5 at $0.45. Price at $6.71 and value at $200 , down (29.4%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb7.5 at $0.75. Price at $7.25 and value at $3,700 , down (18.4%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar7.5 at $0.10. Price at $5.34 and value at $2,960 , down (34.7%) on February 21 including sale of all calls. Call premium ($24) will be added to proceeds below to purchase more stock and sell more calls. Not called on March 21. Will now sell Apr7.5 at $0.25. Price at $6.75 and value at $4,104 , down (9.4%) on March 21 including sale of all calls. Call premium ($84) will be added to proceeds below to purchase more stock and sell more calls. Called on April 18 at $7.50. Proceeds $2,980 after commission. Final value including sale of all calls is $3,888, down (14.8%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of BALLY TECHNOLOGIES INC (BYI) at $31.41  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of BYI JG (Oct$35.00) at $1.20 (closing bid price) expiring on 10/18/2008. Cost is $3,161, and income from sale of the calls is $109 and includes your commissions.  Annualized return if called is 185%.
Comments:	Not called on October 18. Will now sell Nov30 at $0.30. Price at $23.04 and value at $2,431 , down (23.1%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec17.5 at $1.00. Price at $14.69 and value at $1,685 , down (46.7%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $17.50. Proceeds $1,730 after commission. Total return including call premium is $1,946, down (38.4%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of WILLIAMS COMPANIES INC (WMB) at $26.88  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of WMB JF (Oct$30.00) at $0.85 (closing bid price) expiring on 10/18/2008. Cost is $2,708, and income from sale of the calls is $74 and includes your commissions.  Annualized return if called is 176%.
Comments:	Not called on October 18. Will now sell Nov22.5 at $1.00. Price at $18.34 and value at $1,996 , down (26.3%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec17.5 at $0.60. Price at $14.08 and value at $1,619 , down (40.2%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan15 at $0.80. Price at $13.91 and value at $1,670 , down (38.3%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb15 at $0.80. Price at $14.00 and value at $2,145 , down (51.4%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar12.5 at $0.45. Note that we have lowered the strike price. Price at $11.59 and value at $1,540 , down (43.1%) on February 21 including sale of all calls. Call premium ($34) will be added to proceeds below to purchase more stock and sell more calls. Not called on March 21. Will now sell Apr12.5 at $0.50. Price at $11.74 and value at $1,174 , down (41.1%) on March 21 including sale of all calls. Call premium ($38) will be added to proceeds below to purchase more stock and sell more calls. Called on April 18 at $12.50. Proceeds $1,230 after commission. Final value including sale of all calls is $1,650, down (39.1%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of ALCOA INC (AA) at $26.79  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of AA JF (Oct$30.00) at $0.61 (closing bid price) expiring on 10/18/2008. Cost is $2,699, and income from sale of the calls is $50 and includes your commissions.  Annualized return if called is 170%.
Comments:	Not called on October 18. Will now sell Nov12.5 at $1.06. Price at $11.80 and value at $1,324 , down (50.9%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec10 at $0.51. Price at $8.44 and value at $1,028 , down (61.9%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan10 at $0.95. Price at $9.70 and value at $1,237 , down (54.2%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb10 at $0.61. Price at $9.43 and value at $1,259, down (53.3%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar7.5 at $0.22. Price at $6.29 and value at $956 , down (64.6%) on February 21 including sale of all calls. Call premium $(9) will be added to proceeds below to purchase more stock and sell more calls. Not called on March 21. Will now sell Apr7.5 at $0.55. Note that we have lowered the strike price. Price at $6.54 and value at $981, down (63.6%) on March 21 including sale of all calls. Call premium ($43) will be added to proceeds below to purchase more stock and sell more calls. Called on April 18 at $7.50. Proceeds $730 after commission. Final value including sale of all calls is $1,101, down (59.2%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of BANK OF NEW YORK MELLON (BK) at $35.70  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of BK JH (Oct$40.00) at $0.50 (closing bid price) expiring on 10/18/2008. Cost is $3,590, and income from sale of the calls is $39 and includes your commissions.  Annualized return if called is 163%.
Comments:	Not called on October 18. Will now sell Nov30 at $1.90. Price at $29.81 and value at $3,198 , down (10.9%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec30 at $1.30. Price at $25.84 and value at $2,920 , down (18.7%) on November 22 including sale of all calls. Not called on December 20. Will now sell Jan30 at $0.85. Price at $26.28 and value at $3,037 , down (15.4%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb25 at $1.30. Note that we have lowered the strike price. Price at $22.96 and value at $2,823 , down (21.3%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar25 at $1.60. Price at $22.83 and value at $2,959, up 4.8% on February 21 including sale of all calls. Call premium $(149) will be added to proceeds below to purchase more stock and sell more calls. Not called on March 21. Will now sell Apr25 at $2.00. Price at $23.80 and value at $3,056 , down (14.9%) on March 21 including sale of all calls. Call premium ($188) will be added to proceeds below to purchase more stock and sell more calls. Called on April 18 at $25.00. Proceeds $2,480 after commission. Final value including sale of all calls is $3,344, down (6.8%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of BJ SERVICES CO (BJS) at $22.58  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of BJS JE (Oct$25.00) at $0.55 (closing bid price) expiring on 10/18/2008. Cost is $4,536, and income from sale of the calls is $97 and includes your commissions.  Annualized return if called is 161%.
Comments:	Not called on October 18. Will now sell Nov15 at $1.00. Price at $12.94 and value at $2,872 , down (36.7%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec12.5 at $0.30. Price at $10.13 and value at $2,357 , down (48.0%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan12.5 at $0.45. Price at $11.26 and value at $2,660 , down (41.4%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb12.5 at $0.50. Price at $11.18 and value at $2,731 , down (39.8%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar10 at $0.65. Price at $9.82 and value at $2,576 , down (43.2%) on February 21 including sale of all calls. Call premium ($117) will be added to proceeds below to purchase more stock and sell more calls. Not called on March 21. Will now sell Apr12.5 at $0.10. Price at $10.23 and value at $2,322 , down (37.7%) on March 21 including sale of all calls. Call premium ($8) will be added to proceeds below to purchase more stock and sell more calls. Called on April 18 at $12.50. Proceeds $2,480 after commission. Final value including sale of all calls is $3,099, down (31.7%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of PETRO-CANADA (PCZ) at $35.92  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of PCZ JH (Oct$40.00) at $0.70 (closing bid price) expiring on 10/18/2008. Cost is $3,612, and income from sale of the calls is $59 and includes your commissions.  Annualized return if called is 161%.
Comments:	Not called on October 18. Will now sell Nov22.5 at $2.15. Price at $21.58 and value at $2,420 , down (33.0%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec22.5 at $0.30. Price at $17.85 and value at $2,066 , down (42.8%) on November 22 including sale of all calls. Not called on December 20. Will now sell Jan22.5 at $1.60. Price at $22.04 and value at $2,633 , down (27.1%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Called on January 17 at $22.50. Proceeds $2,230 after commission. Final value including sale of all calls is $5,659, down (26.4%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of ICICI BANK LTD ADS (IBN) at $27.99  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of IBN JF (Oct$30.00) at $1.75 (closing bid price) expiring on 10/18/2008. Cost is $2,819, and income from sale of the calls is $164 and includes your commissions.  Annualized return if called is 160%.
Comments:	Not called on October 18. Will now sell Nov17.5 at $2.05. Price at $16.11 and value at $1,968 , down (30.2%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec17.5 at $0.70. Price at $13.09 and value at $1,725 , down (38.8%) on November 22 including sale of all calls. Called on December 20 at $17.50. Proceeds $1,730 after commission. Total return including call premium is $2,145, down (23.9%). Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of called stock through December call premium is $28,577 and will be used to make the following buy/writes. Pocketed call premium September through December is $9,180.
Buy 300 shares of TERRA INDUSTRIES INC (TRA) at $16.17  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of TRA AW (Jan$17.50) at $1.00 (closing bid price) expiring on 1/17/2009. Cost is $4,871, and income from sale of the calls is $286 and includes your commissions.  Annualized return if called is 172%. Cash balance $28,577 minus $4,871 (cost) plus $286 (premium) is $23,991.
Comments:	Called on January 17 at $17.50. Proceeds $5,230 after commission. Final value including sale of all calls is $5,516, up 13.2%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 500 shares of DISCOVER FINANCIAL SVCS (DFS) at $9.33  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of DFS AB (Jan$10.00) at $0.65 (closing bid price) expiring on 1/17/2009. Cost is $4,685, and income from sale of the calls is $308 and includes your commissions.  Annualized return if called is 167%. Cash balance $23,991 minus $4,685 (cost) plus $308 (premium) is $19,614.
Comments:	Exercised get-out price at $7.93 (-15%) on January 15 after buying back calls at $0.05. Final value including sale of all calls is $4,230, down (9.7%). Proceeds $3,945 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of LINCOLN NATIONAL CORP (LNC) at $19.00  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of LNC AD (Jan$20.00) at $1.70 (closing bid price) expiring on 1/17/2009. Cost is $3,820, and income from sale of the calls is $327 and includes your commissions.  Annualized return if called is 167%. Cash balance $19,614 minus $3,820 (cost) plus $327 (premium) is $16,121.
Comments:	Exercised get-out price at $16.15 (-15%) on December 23 after buying back calls at $0.05. Final value including sale of all calls is $3,534, down (7.5%). Proceeds $3,210 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 500 shares of TALISMAN ENERGY INC (TLM) at $9.47  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of TLM AB (Jan$10.00) at $0.65 (closing bid price) expiring on 1/17/2009. Cost is $4,755, and income from sale of the calls is $308 and includes your commissions.  Annualized return if called is 146%. Cash balance $16,121 minus $4,755 (cost) plus $308 (premium) is $11,674 which will be held as cash in the list balance..
Comments:	Not called on January 17. Will now sell Feb10 at $0.60. Price at $9.59 and value at $5,385 , up +13.3% on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar10 at $0.15. Price at $8.51 and value at $4,902 , up +3.1% on February 21 including sale of all calls. Call premium ($58) will be added to proceeds below to purchase more stock and sell more calls. Called on March 21 at $12.50. Proceeds $4,980 after commission.  Final value including sale of all calls is $5,627, up 18.4%. See below.
Total cash proceeds from sale of called and get-out stock in January and additional call premium from above transactions plus cash balance is $34,111 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
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 283%.
Comments:	ACTUAL: Bought 700 shares of DEVELOPERS DIVERSIFIED (DDR) at $5.64  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of DDR BU (Feb$7.50) at $0.40 (closing bid price) expiring on 2/21/2009. Cost is $3,968, and income from sale of the calls is $260 and includes your commissions. Cash balance $34,111 minus $3,968 (cost) plus $260 (premium) is $30,403. Exercised get-out price at $4.79 (-15%) on January 26 after buying back calls at $0.05. Final value including sale of all calls is $3,557, down (10.4%). Proceeds $3,333 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
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 BD (Feb$20.00) at $2.00 (closing bid price) expiring on 2/21/2009. Cost is $3,662, and income from sale of the calls is $387 and includes your commissions.  Annualized return if called is 201%.
Comments:	ACTUAL: 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 BD (Feb$20.00) at $1.70 (closing bid price) expiring on 2/21/2009. Cost is $3,294, and income from sale of the calls is $327 and includes your commissions. Cash balance $30,403 minus $3,294 (cost) plus $327 (premium) is $27,436.Exercised get-out price at $13.91 (-15%) on February 17 after buying back calls at $0.05. Final value including sale of all calls is $3,086, down (6.3%). Proceeds $2,816 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
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 BH (Feb$40.00) at $2.30 (closing bid price) expiring on 2/21/2009. Cost is $3,655, and income from sale of the calls is $219 and includes your commissions.  Annualized return if called is 156%.
Comments:	ACTUAL: Bought 200 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 $3,860, and income from sale of the calls is $167 and includes your commissions. Cash balance $27,436 minus $3,860 (cost) plus $167 (premium) is $23,743. Called on February 21 at $22.50. Proceeds $4,480 after commission.  Final value including sale of all calls is $4,647, up 20.4%. See below.
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 450%.
Comments:	ACTUAL: 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$7.50) at $0.35 (closing bid price) expiring on 2/21/2009. Cost is $2,560, and income from sale of the calls is $191 and includes your commissions. Cash balance $23,743 minus $2,560 (cost) plus $191 (premium) is $21,374. Exercised get-out price at $3.66 (-15%) on January 22 after buying back calls at $0.05. Final value including sale of all calls is $2,338, down (10.1%). Proceeds $2,176 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
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 410%.
Comments:	ACTUAL: 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 $180 and includes your commissions. Cash balance $21,374 minus $4,523 (cost) plus $180 (premium) is $17,031.Exercised get-out price at $12.76 (-15%) on February 10 after buying back calls at $0.05. Final value including sale of all calls is $3,979, down (12.0%). Proceeds $3,808 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
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 289%.
Comments:	ACTUAL: Bought 200 shares of LINCOLN NATIONAL CORP (LNC) at $15.80  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of LNC BX (Feb$22.50) at $0.80 (closing bid price) expiring on 2/21/2009. Cost is $3,180, and income from sale of the calls is $147 and includes your commissions. Cash balance $17,031 minus $3,180 (cost) plus $147 (premium) is $13,998. Exercised get-out price at $13.43 (-15%) on February 17 after buying back calls at $0.05. Final value including sale of all calls is $2,833, down (10.9%). Proceeds $2,666 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of called and get-out stock in February and additional call premium from above transactions plus cash balance is $33,673 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 400 shares of MEDICIS PHARMA CORP CL A (MRX) at $11.93  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of MRX CC (Mar$15.00) at $0.55 (closing bid price) expiring on 3/21/2009. Cost is $4,792, and income from sale of the calls is $204 and includes your commissions.  Annualized return if called is 371%. Cash balance $33,673 minus $4,792 (cost) plus $204 (premium) is $29,085.
Comments:	Exercised get-out price at $10.14 (-15%) on March 5 after buying back calls at $0.05. Final value including sale of all calls is $4,544, down (5.2%). Proceeds $4,020 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 600 shares of DOW CHEMICAL CO THE (DOW) at $8.10  (closing last trade price) and sell 6 call  Out-of-the-Money contracts of DOW CB (Mar$10.00) at $0.55 (closing bid price) expiring on 3/21/2009. Cost is $4,880, and income from sale of the calls is $311 and includes your commissions.  Annualized return if called is 369%. Cash balance $29,085 minus $4,880 (cost) plus $311 (premium) is $24,516.
Comments:	Exercised get-out price at $6.89 (-15%) on March 5 after buying back calls at $0.05. Final value including sale of all calls is $4,396, down (9.9%). Proceeds $4,105 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of AEGEAN MARINE PETRO NET (ANW) at $16.07  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of ANW CD (Mar$20.00) at $0.60 (closing bid price) expiring on 3/21/2009. Cost is $4,841, and income from sale of the calls is $166 and includes your commissions.  Annualized return if called is 345%. Cash balance $24,516 minus $4,841 (cost) plus $166 (premium) is $19,841.
Comments:	Not called on March 21. Will now sell Apr20 at $0.90. Price at $17.98 and value at $5,560 , up +14.8% on March 21 including sale of all calls. Call premium ($255) will be added to proceeds below to purchase more stock and sell more calls. Not called on April 18. Will now sell May20 at $0.85. Price at $17.84 and value at $5,773 , up +19.2% on March 21 including sale of all calls. Call premium ($245) will be added to proceeds below to purchase more stock and sell more calls. Exercised get-out price at $13.66 (-15%) on May 14 after buying back calls at $0.05. Final value including sale of all calls is $4,744, down (2.0%). Proceeds $4,048 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of AFLAC INC (AFL) at $17.01  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of AFL CD (Mar$20.00) at $1.25 (closing bid price) expiring on 3/21/2009. Cost is $3,422, and income from sale of the calls is $237 and includes your commissions.  Annualized return if called is 300%. Cash balance $19,841 minus $3,422 (cost) plus $237 (premium) is $16,656.
Comments:	Exercised get-out price at $14.16 (-15%) on March 3 after buying back calls at $0.05. Final value including sale of all calls is $3,046, down (11.0%). Proceeds $2,799 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of METLIFE INC (MET) at $21.43  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of MET CE (Mar$25.00) at $1.45 (closing bid price) expiring on 3/21/2009. Cost is $4,306, and income from sale of the calls is $277 and includes your commissions.  Annualized return if called is 284%. Cash balance $16,656 minus $4,306 (cost) plus $277 (premium) is $12,627.
Comments:	Exercised get-out price at $18.22 (-15%) on March 2 after buying back calls at $0.05. Final value including sale of all calls is $3,898, down (9.5%). Proceeds $3,611 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 400 shares of TCF FINANCIAL CORP (TCB) at $11.66  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of TCB CV (Mar$12.50) at $0.80 (closing bid price) expiring on 3/21/2009. Cost is $4,684, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 179%. Cash balance $12,627 minus $4,684 (cost) plus $304 (premium) is $8,247.
Comments:	Exercised get-out price at $9.91 (-15%) on March 5 after buying back calls at $0.05. Final value including sale of all calls is $4,232, down (9.6%). Proceeds $3,944 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of called and get-out stock in March and additional call premium from above transactions plus cash balance is $29,408 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 400 shares of SL GREEN REALTY CORP (SLG) at $10.37  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of SLG DV (Apr$12.50) at $0.85 (closing bid price) expiring on 4/18/2009. Cost is $4,168, and income from sale of the calls is $324 and includes your commissions.  Annualized return if called is 349%. Cash balance $29,408 minus $4,168 (cost) plus $324 (premium) is $25,564.
Comments:	Called on April 18 at $5.00. Proceeds $4,980 after commission. Final value including sale of all calls is $5,304, up 27.3%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 700 shares of PRINCIPAL FINANCIAL GRP (PFG) at $7.00  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of PFG DU (Apr$7.50) at $1.15 (closing bid price) expiring on 4/18/2009. Cost is $4,920, and income from sale of the calls is $785 and includes your commissions.  Annualized return if called is 285%. Cash balance $25,564 minus $4,920 (cost) plus $785 (premium) is $21,429.
Comments:	Called on April 18 at $7.50. Proceeds $5,230 after commission. Final value including sale of all calls is $6,015, up 22.2%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of AFLAC INC (AFL) at $18.38  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of AFL DD (Apr$20.00) at $1.75 (closing bid price) expiring on 4/18/2009. Cost is $3,696, and income from sale of the calls is $337 and includes your commissions.  Annualized return if called is 218%. Cash balance $21,429 minus $3,696 (cost) plus $337 (premium) is $18,070.
Comments:	Called on April 18 at $20.00. Proceeds $3,980 after commission. Final value including sale of all calls is $4,317, up 16.8%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 400 shares of STARWOOD HTLS & RSRTS WW (HOT) at $11.64  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of HOT DV (Apr$12.50) at $0.70 (closing bid price) expiring on 4/18/2009. Cost is $4,676, and income from sale of the calls is $264 and includes your commissions.  Annualized return if called is 158%. Cash balance $18,070 minus $4,676 (cost) plus $264 (premium) is $13,658.
Comments:	Called on April 18 at $12.50. Proceeds $4,980 after commission. Final value including sale of all calls is $5,244, up 12.1%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of NORDSTROM INC (JWN) at $14.38  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of JWN DC (Apr$15.00) at $1.00 (closing bid price) expiring on 4/18/2009. Cost is $4,334, and income from sale of the calls is $286 and includes your commissions.  Annualized return if called is 131%. Cash balance $13,658 minus $4,334 (cost) plus $286 (premium) is $9,610.
Comments:	Called on April 18 at $15.00. Proceeds $4,480 after commission. Final value including sale of all calls is $4,766, up 10.0%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of SOUTHERN COPPER CORP (PCU) at $16.86  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of PCU DW (Apr$17.50) at $1.05 (closing bid price) expiring on 4/18/2009. Cost is $3,392, and income from sale of the calls is $197 and includes your commissions.  Annualized return if called is 113%. Cash balance $9,610 minus $3,392 (cost) plus $197 (premium) is $6,415
Comments:	Called on April 18 at $17.50. Proceeds $3,480 after commission. Final value including sale of all calls is $3,677, up 8.4%. Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of called stock in April and additional call premium from above transactions plus cash balance is $45,993 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 700 shares of MECHEL OAO (MTL) at $6.68  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of MTL EU (May$7.50) at $0.50 (closing bid price) expiring on 5/16/2009. Cost is $4,696, and income from sale of the calls is $330 and includes your commissions.  Annualized return if called is 245%. Cash balance $45,993 minus $4,696 (cost) plus $330 (premium) is $41,627
Comments:	Exercised get-out price at $5.68 (-15%) on Apri 30 after buying back calls at $0.05. Proceeds $3,900 after commission. Final value including sale of all calls is $4,250, down (9.5%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 700 shares of EAGLE BULK SHIPPING INC (EGLE) at $6.89  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of QEK EU (May$7.50) at $0.55 (closing bid price) expiring on 5/16/2009. Cost is $4,843, and income from sale of the calls is $365 and includes your commissions.  Annualized return if called is 208%. Cash balance $41,627 minus $4,843 (cost) plus $365 (premium) is $37,419
Comments:	Exercised get-out price at $5.86 (-15%) on April 20 after buying back calls at $0.05. Proceeds $4,026 after commission. Final value including sale of all calls is $4,411, down (8.9%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of RAYMOND JAMES FINANCIAL (RJF) at $16.28  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of RJF EW (May$17.50) at $1.05 (closing bid price) expiring on 5/16/2009. Cost is $4,904, and income from sale of the calls is $301 and includes your commissions.  Annualized return if called is 172%. Cash balance $37,149 minus $4,904 (cost) plus $301 (premium) is $32,546
Comments:	Not called on May 16. Price at $15.84 and value at $5,052 up 3.0% after the sale of all calls. Will now sell Jun17.5 at $0.85. Not called on June 20. Price at $17.18. Sold all shares at $17.19 to close out position. Proceeds $5,137 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of PENN VIRGINIA CORP (PVA) at $14.41  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of PVA EC (May$15.00) at $0.95 (closing bid price) expiring on 5/16/2009. Cost is $4,343, and income from sale of the calls is $271 and includes your commissions.  Annualized return if called is 128%. Cash balance $32,546 minus $4,343 (cost) plus $271 (premium) is $28,474
Comments:	Called on May 16 at $15.00. Proceeds $4,480 after commission. Total return including call premium is $4,751, up (9.4%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of HOLLY CORP (HOC) at $23.98  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of HOC EE (May$25.00) at $1.40 (closing bid price) expiring on 5/16/2009. Cost is $4,816, and income from sale of the calls is $267 and includes your commissions.  Annualized return if called is 122%. Cash balance $27,474 minus $4,816 (cost) plus $271 (premium) is $23,929
Comments:	Not called on May 16. Price at $23.53 and value at $4,974 up 3.3% after the sale of all calls. Will now sell Jun25 at $1.35. Exercised get-out price at $20.38 (-15%) on June 15 after buying back calls at $0.05. Proceeds $4,033 after commission. Final value including sale of all calls is $4,076, down (15.4%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of HCP INC (HCP) at $21.79  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of HCP EX (May$22.50) at $1.40 (closing bid price) expiring on 5/16/2009. Cost is $4,378, and income from sale of the calls is $267 and includes your commissions.  Annualized return if called is 116%. Cash balance $23,929 minus $4,378 (cost) plus $267 (premium) is $19,818
Comments:	Not called on May 16. Price at $20.60 and value at $4,374 up 0.2% after the sale of all calls. Will now sell Jun22.5 at $1.65. Not called on June 20. Price at $20.75. Sold all shares at $20.75 to close out position. Proceeds $4,136 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 400 shares of ROYAL CARIBBEAN CRUISES (RCL) at $11.98  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of RCL EV (May$12.50) at $1.10 (closing bid price) expiring on 5/16/2009. Cost is $4,812, and income from sale of the calls is $424 and includes your commissions.  Annualized return if called is 166%. Cash balance $19,818 minus $4,812 (cost) plus $424 (premium) is $15,430
Comments:	Called on May 16 at $12.50. Proceeds $4,980 after commission. Total return including call premium is $5,404, up 12.3%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of GARMIN LTD (GRMN) at $22.00  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of GQR EX (May$22.50) at $1.40 (closing bid price) expiring on 5/16/2009. Cost is $4,420, and income from sale of the calls is $267 and includes your commissions.  Annualized return if called is 102%. Cash balance $15,430 minus $4,420 (cost) plus $267 (premium) is $11,277
Comments:	Not called on May 16. Price at $20.74 and value at $4,415 down (0.1%) after the sale of all calls. Will now sell Jun22.5 at $1.05. Not called on June 20. Price at $22.27. Sold all shares at $22.27 to close out position. Proceeds $4,434 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of FRONTLINE LTD (FRO) at $18.99  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of FRO ED (May$20.00) at $0.85 (closing bid price) expiring on 5/16/2009. Cost is $3,818, and income from sale of the calls is $157 and includes your commissions.  Annualized return if called is 116%. Cash balance $11,277 minus $3,818 (cost) plus $157 (premium) is $7,616
Comments:	Called on May 16 at $20.00. Proceeds $3,980 after commission. Total return including call premium is $4,137, up (8.4%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of HERBALIFE LTD (HLF) at $18.63  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of HLF ED (May$20.00) at $0.80 (closing bid price) expiring on 5/16/2009. Cost is $3,746, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 140%. Cash balance $7,616 minus $3,746 (cost) plus $147 (premium) is $4,017
Comments:	Called on May 16 at $20.00.Proceeds $3,980 after commission. Total return including call premium is $4,127, up 10.2%. Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of called stock in May and additional call premium from above transactions plus cash balance is $25,892 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 100 shares of MOBILE TELESYS OJSC ADS (MBT) at $34.00  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of MBT FG (Jun$35.00) at $2.50 (closing bid price) expiring on 6/20/2009. Cost is $3,420, and income from sale of the calls is $239 and includes your commissions.  Annualized return if called is 95%. Cash balance $25,892 minus $3,420 (cost) plus $239 (premium) is $22,711.
Comments:	Called on June 20 at $35.00. Proceeds $3,480 after commission. Total return including call premium is $3,718, up 8.7%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of BARCLAYS PLC ADR (BCS) at $15.86  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of BCS FW (Jun$17.50) at $1.15 (closing bid price) expiring on 6/20/2009. Cost is $4,778, and income from sale of the calls is $331 and includes your commissions.  Annualized return if called is 170%. Cash balance $22,711 minus $4,778 (cost) plus $331 (premium) is $18,264.
Comments:	Called on June 20 at $17.50. Proceeds $3,480 after commission. Total return including call premium is $5,561, up 16.4%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of ROYAL CARIBBEAN CRUISES (RCL) at $14.30  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of RCL FC (Jun$15.00) at $1.20 (closing bid price) expiring on 6/20/2009. Cost is $4,310, and income from sale of the calls is $346 and includes your commissions.  Annualized return if called is 126%. Cash balance $18,264 minus $4,310 (cost) plus $346 (premium) is $14,300.
Comments:	Not called on June 20. Price at $14.02. Sold all shares at $14.02 to close out position. Proceeds $4,186 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of GOODRICH PETROL CORP (GDP) at $23.11  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of GDP FE (Jun$25.00) at $1.50 (closing bid price) expiring on 6/20/2009. Cost is $4,642, and income from sale of the calls is $287 and includes your commissions.  Annualized return if called is 141%. Cash balance $14,300 minus $4,642 (cost) plus $287 (premium) is $9,945.
Comments:	Called on June 20 at $25.00. Proceeds $4,980 after commission. Total return including call premium is $5,267, up 13.5%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of BJ SERVICES CO (BJS) at $14.28  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of BJS FC (Jun$15.00) at $0.70 (closing bid price) expiring on 6/20/2009. Cost is $4,304, and income from sale of the calls is $196 and includes your commissions.  Annualized return if called is 92%. Cash balance $9,945 minus $4,304 (cost) plus $196 (premium) is $5,837.
Comments:	Not called on June 20. Price at $13.79. Sold all shares at $13.79 to close out position. Proceeds $4,117 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of RELIANCE STEEL & ALUM CO (RS) at $33.04  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of RS FG (Jun$35.00) at $1.85 (closing bid price) expiring on 6/20/2009. Cost is $3,324, and income from sale of the calls is $174 and includes your commissions.  Annualized return if called is 107%. Cash balance $5,837 minus $3,324 (cost) plus $174 (premium) is $2,687.
Comments:	Called on June 20 at $40.00. Proceeds $3,480 after commission. Total return including call premium is $3,654, up 9.9%. Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of stock called and sold in June from above transactions plus cash balance is $44,150 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 700 shares of HUNTSMAN CORP (HUN) at $6.36  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of HUN GU (Jul$7.50) at $0.60 (closing bid price) expiring on 7/18/2009. Cost is $4,472, and income from sale of the calls is $400 and includes your commissions.  Annualized return if called is 332%. Cash balance $44,150 minus $4,472 (cost) plus $400 (premium) is $40,078.
Comments:	Exercised get-out price at $5.41 (-15%) on June 25 after buying back calls at $0.05. Proceeds $3,711 after commmission. Final value including sale of all calls is $4,131, down (7.6%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of TERRA INDUSTRIES INC (TRA) at $26.00  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of TRA GF (Jul$30.00) at $0.55 (closing bid price) expiring on 7/18/2009. Cost is $2,620, and income from sale of the calls is $44 and includes your commissions.  Annualized return if called is 204%. Cash balance $40,078 minus $2,620 (cost) plus $44 (premium) is $37,502.
Comments:	Not called on July 18.  Sold all shares at $26.45 to close out position on July 18. Proceeds $2,625 after commmission. Final value including sale of all calls is $2,689, up 2.6%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 500 shares of MECHEL OAO (MTL) at $9.29  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of MTL GB (Jul$10.00) at $0.65 (closing bid price) expiring on 7/18/2009. Cost is $4,665, and income from sale of the calls is $308 and includes your commissions.  Annualized return if called is 173%. Cash balance $37,502 minus $4,665 (cost) plus $308 (premium) is $33,145.
Comments:	Exercised get-out price at $7.90 (-15%) on July 7 after buying back calls at $0.05. Proceeds $3,887 after commmission. Final value including sale of all calls is $2,215, down (9.6%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of HELMERICH & PAYNE INC (HP) at $30.89  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of HP GG (Jul$35.00) at $0.50 (closing bid price) expiring on 7/18/2009. Cost is $3,109, and income from sale of the calls is $39 and includes your commissions.  Annualized return if called is 174%. Cash balance $33,145 minus $3,106 (cost) plus $39 (premium) is $30,078.
Comments:	Not called on July 18.  Sold all shares at $32.07 to close out position on July 18. Proceeds $3,187 after commmission. Final value including sale of all calls is $3,246, up 4.4%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of FRONTLINE LTD (FRO) at $26.60  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of FRO GF (Jul$30.00) at $0.55 (closing bid price) expiring on 7/18/2009. Cost is $2,680, and income from sale of the calls is $44 and includes your commissions.  Annualized return if called is 171%. Cash balance $30,078 minus $2,680 (cost) plus $44 (premium) is $27,442.
Comments:	Exercised get-out price at $22.61 (-15%) on July 6 after buying back calls at $0.05. Proceeds $2,224 after commmission. Final value including sale of all calls is $2,288, down (14.6%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of COMMERCIAL METALS CO (CMC) at $15.92  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of CMC GW (Jul$17.50) at $0.55 (closing bid price) expiring on 7/18/2009. Cost is $4,796, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 159%. Cash balance $27,442 minus $4,796 (cost) plus $151 (premium) is $20,301.
Comments:	Not called on July 18.  Sold all shares at $17.17 to close out position on July 18. Proceeds $5,131 after commmission. Final value including sale of all calls is $5,302, up 10.5%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of AMPHENOL CORP (APH) at $31.65  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of APH GG (Jul$35.00) at $0.60 (closing bid price) expiring on 7/18/2009. Cost is $3,185, and income from sale of the calls is $49 and includes your commissions.  Annualized return if called is 144%. Cash balance $20,301 minus $3,185 (cost) plus $49 (premium) is $22,797.
Comments:	Not called on July 18.  Sold all shares at $32.99 to close out position on July 18. Proceeds $3,279 after commmission. Final value including sale of all calls is $3,348, up 5.1%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of ROYAL CARIBBEAN CRUISES (RCL) at $14.02  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of RCL GC (Jul$15.00) at $0.65 (closing bid price) expiring on 7/18/2009. Cost is $4,226, and income from sale of the calls is $181 and includes your commissions.  Annualized return if called is 136%. Cash balance $22,797 minus $4,226 (cost) plus $181 (premium) is $18,752.
Comments:	Not called on July 18.  Sold all shares at $13.69 to close out position on July 18. Proceeds $4,087 after commmission. Final value including sale of all calls is $4,288, up 1.5%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of ENSCO INTERNATIONAL INC (ESV) at $36.63  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of ESV GH (Jul$40.00) at $0.90 (closing bid price) expiring on 7/18/2009. Cost is $3,683, and income from sale of the calls is $79 and includes your commissions.  Annualized return if called is 135%. Cash balance $18,752 minus $3,683 (cost) plus $79 (premium) is $15,148.
Comments:	Not called on July 18.  Sold all shares at $37.43 to close out position on July 18. Proceeds $3,723 after commmission. Final value including sale of all calls is $3,822, up 3.8%. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of TEEKAY CORP (TK) at $21.21  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of TK GX (Jul$22.50) at $0.90 (closing bid price) expiring on 7/18/2009. Cost is $4,262, and income from sale of the calls is $167 and includes your commissions.  Annualized return if called is 120%. Cash balance $15,148 minus $4,262 (cost) plus $167 (premium) is $11,053.
Comments:	Not called on July 18.  Sold all shares at $18.70 to close out position on July 18. Proceeds $3,720 after commmission. Final value including sale of all calls is $3,907, down (8..%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of NEXEN INC (NXY) at $21.34  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of NXY GX (Jul$22.50) at $0.90 (closing bid price) expiring on 7/18/2009. Cost is $4,288, and income from sale of the calls is $167 and includes your commissions.  Annualized return if called is 111%. Cash balance $11,053 minus $4,288 (cost) plus $167 (premium) is $6,932.
Comments:	Not called on July 18.  Sold all shares at $19.72 to close out position on July 18. Proceeds $3,924 after commmission. Final value including sale of all calls is $4,111, down (4.1%). Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of stock called and sold in July from above transactions plus cash balance is $46,430 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 200 shares of TECK RESOURCES LTD CL B (TCK) at $21.06  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of TCK HX (Aug$22.50) at $1.35 (closing bid price) expiring on 8/22/2009. Cost is $4,232, and income from sale of the calls is $257 and includes your commissions.  Annualized return if called is 126%. Cash balance $46,430 minus $4,232 (cost) plus $257 (premium) is $42,455.
Comments:	Called on August 22 at $22.50. Proceeds $4,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 500 shares of MECHEL OAO (MTL) at $9.50  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of MTL HB (Aug$10.00) at $0.75 (closing bid price) expiring on 8/22/2009. Cost is $4,770, and income from sale of the calls is $358 and includes your commissions.  Annualized return if called is 125%. Cash balance $42,455 minus $4,770 (cost) plus $358 (premium) is $38,043.
Comments:	Called on August 22 at $10.00. Proceeds $4,980 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of BJ SERVICES CO (BJS) at $14.44  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of BJS HC (Aug$15.00) at $0.75 (closing bid price) expiring on 8/22/2009. Cost is $4,352, and income from sale of the calls is $211 and includes your commissions.  Annualized return if called is 84%. Cash balance $38,043 minus $4,352 (cost) plus $211 (premium) is $33,902.
Comments:	Called on August 22 at $15.00. Proceeds $4,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 400 shares of AES CORP THE (AES) at $11.93  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of AES HV (Aug$12.50) at $0.55 (closing bid price) expiring on 8/22/2009. Cost is $4,792, and income from sale of the calls is $204 and includes your commissions.  Annualized return if called is 87%. Cash balance $33,902 minus $4,792 (cost) plus $204 (premium) is $29,314.
Comments:	Called on August 22 at $12.50. Proceeds $4,980 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of RADIOSHACK CORP (RSH) at $14.18  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of RSH HC (Aug$15.00) at $0.65 (closing bid price) expiring on 8/22/2009. Cost is $4,274, and income from sale of the calls is $181 and includes your commissions.  Annualized return if called is 97%. Cash balance $29,314 minus $4,274 (cost) plus $181 (premium) is $25,221.
Comments:	Called on August 22 at $15.00. Proceeds $4,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of DIANA SHIPPING INC (DSX) at $14.21  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of DSX HC (Aug$15.00) at $0.65 (closing bid price) expiring on 8/22/2009. Cost is $4,283, and income from sale of the calls is $181 and includes your commissions.  Annualized return if called is 94%. Cash balance $25,221 minus $4,283 (cost) plus $181 (premium) is $21,119.
Comments:	Not called on August 22.  Sold all shares at $13.36 to close out position on August 22. Proceeds $3,988 after commmission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of PATTERSON-UTI ENERGY INC (PTEN) at $14.28  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of NZQ HC (Aug$15.00) at $0.65 (closing bid price) expiring on 8/22/2009. Cost is $4,304, and income from sale of the calls is $181 and includes your commissions.  Annualized return if called is 89%. Cash balance $21,119 minus $4,304 (cost) plus $181 (premium) is $16,996.
Comments:	Not called on August 22.  Sold all shares at $14.68 to close out position on August 22. Proceeds $4,384 after commmission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of ROWAN COMPANIES INC (RDC) at $19.12  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of RDC HD (Aug$20.00) at $0.85 (closing bid price) expiring on 8/22/2009. Cost is $3,844, and income from sale of the calls is $157 and includes your commissions.  Annualized return if called is 83%. Cash balance $16,996 minus $3,844 (cost) plus $157 (premium) is $13,309.
Comments:	Called on August 22 at $20.00. Proceeds $3,980 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of CHINA UNICOM (HK) LTD (CHU) at $14.34  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of CHU HC (Aug$15.00) at $0.55 (closing bid price) expiring on 8/22/2009. Cost is $4,322, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 77%. Cash balance $13,309 minus $4,322 (cost) plus $151 (premium) is $9,138.
Comments:	Not called on August 22.  Sold all shares at $14.14 to close out position onAugust 22. Proceeds $4,223 after commmission.. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of SUN HYDRAULICS INC (SNHY) at $16.82  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of SQA HW (Aug$17.50) at $0.75 (closing bid price) expiring on 8/22/2009. Cost is $3,384, and income from sale of the calls is $137 and includes your commissions.  Annualized return if called is 76%. Cash balance $9,138 minus $3,384 (cost) plus $137 (premium) is $5,891.
Comments:	Called on August 22 at $17.50. Proceeds $3,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of ANDERSONS INC THE (ANDE) at $28.47  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of AQA HF (Aug$30.00) at $1.15 (closing bid price) expiring on 8/22/2009. Cost is $2,867, and income from sale of the calls is $104 and includes your commissions.  Annualized return if called is 84%. Cash balance $5,891 minus $2,867 (cost) plus $104 (premium) is $3,128.
Comments:	Not called on August 22.  Sold all shares at $28.20 to close out position on July 18. Proceeds $2,800 after commmission. Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of stock called and sold in August from above transactions plus cash balance is $49,385 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 200 shares of ROYAL CARIBBEAN CRUISES (RCL) at $19.22  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of RCL IX (Sep$22.50) at $0.40 (closing bid price) expiring on 9/19/2009. Cost is $3,864, and income from sale of the calls is $67 and includes your commissions.  Annualized return if called is 229%. Cash balance $49,385 minus $3,864 (cost) plus $67 (premium) is $45,588.
Comments:	Called on September 19 at $22.50. Proceeds $4,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 500 shares of DAKTRONICS INC (DAKT) at $9.02  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of QKC IB (Sep$10.00) at $0.30 (closing bid price) expiring on 9/19/2009. Cost is $4,530, and income from sale of the calls is $133 and includes your commissions.  Annualized return if called is 168%. Cash balance $45,588 minus $4,530 (cost) plus $133 (premium) is $41,191.
Comments:	Not called on September 19.  Sold all shares at $8.11 to close out position on September 19. Proceeds $4,035 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 400 shares of MECHEL OAO (MTL) at $11.71  (closing last trade price) and sell 4 call  Out-of-the-Money contracts of MTL IV (Sep$12.50) at $0.70 (closing bid price) expiring on 9/19/2009. Cost is $4,704, and income from sale of the calls is $264 and includes your commissions.  Annualized return if called is 150%. Cash balance $41,191 minus $4,704 (cost) plus $264 (premium) is $36,751.
Comments:	Called on September 19 at $12.50. Proceeds $4,980 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of PLUM CREEK TIMBER REIT (PCL) at $31.37  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of PCL IG (Sep$35.00) at $0.30 (closing bid price) expiring on 9/19/2009. Cost is $3,157, and income from sale of the calls is $19 and includes your commissions.  Annualized return if called is 144%. Cash balance $36,751 minus $3,157 (cost) plus $19 (premium) is $33,613.
Comments:	Not called on September 19.  Sold all shares at $31.78 to close out position on September 19. Proceeds $3,158 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of BUCKLE INC (BKE) at $27.06  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of BKE IF (Sep$30.00) at $0.45 (closing bid price) expiring on 9/19/2009. Cost is $2,726, and income from sale of the calls is $34 and includes your commissions.  Annualized return if called is 142%. Cash balance $33,613 minus $2,726 (cost) plus $34 (premium) is $30,921.
Comments:	Not called on September 19.  Sold all shares at $29.65 to close out position on September 19. Proceeds $2,945 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of BRE PROPERTIES INC CL A (BRE) at $27.56  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of BRE IF (Sep$30.00) at $0.35 (closing bid price) expiring on 9/19/2009. Cost is $2,776, and income from sale of the calls is $24 and includes your commissions.  Annualized return if called is 112%. Cash balance $30,921 minus $2,776 (cost) plus $24 (premium) is $28,169.
Comments:	Called on September 19 at $30.00. Proceeds $2,980 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of ROYAL CARIBBEAN CRUISES (RCL) at $19.22  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of RCL ID (Sep$20.00) at $1.05 (closing bid price) expiring on 9/19/2009. Cost is $3,864, and income from sale of the calls is $197 and includes your commissions.  Annualized return if called is 108%. Cash balance $28,169 minus $3,864 (cost) plus $197 (premium) is $24,502.
Comments:	Called on September 19 at $20.00. Proceeds $3,980 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of CHINA UNICOM (HK) LTD (CHU) at $14.18  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of CHU IC (Sep$15.00) at $0.45 (closing bid price) expiring on 9/19/2009. Cost is $4,274, and income from sale of the calls is $121 and includes your commissions.  Annualized return if called is 102%. Cash balance $24,205 minus $4,274 (cost) plus $121 (premium) is $20,349.
Comments:	Not called on September 19.  Sold all shares at $14.66 to close out position on September 19. Proceeds $4,378 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of COOPER INDUSTRIES LTD (CBE) at $32.76  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of CBE IG (Sep$35.00) at $0.45 (closing bid price) expiring on 9/19/2009. Cost is $3,296, and income from sale of the calls is $34 and includes your commissions.  Annualized return if called is 91%. Cash balance $20,349 minus $3,296 (cost) plus $34 (premium) is $17,087.
Comments:	Called on September 19 at $35.00. Proceeds $3,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of PENN VIRGINIA CORP (PVA) at $22.02  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of PVA IX (Sep$22.50) at $1.00 (closing bid price) expiring on 9/19/2009. Cost is $4,424, and income from sale of the calls is $187 and includes your commissions.  Annualized return if called is 75%. Cash balance $17,087 minus $4,424 (cost) plus $187 (premium) is $12,850.
Comments:	Exercised get-out price at $18.72 (-15%) on September 1 after buying back calls at $0.05. Proceeds $3,702 after commmission. Final value including sale of all calls is $3,721, down (15.9%). Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of AMERICAN EAGLE OUTFITTER (AEO) at $14.67  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of AEO IC (Sep$15.00) at $0.60 (closing bid price) expiring on 9/19/2009. Cost is $4,421, and income from sale of the calls is $166 and includes your commissions.  Annualized return if called is 70%. Cash balance $12,850 minus $4,421 (cost) plus $166 (premium) is $8,595.
Comments:	Called on September 19 at $15.00. Proceeds $4,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of OPTIONSXPRESS HOLDINGS (OXPS) at $16.67  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of QYB IW (Sep$17.50) at $0.25 (closing bid price) expiring on 9/19/2009. Cost is $3,354, and income from sale of the calls is $37 and includes your commissions.  Annualized return if called is 69%. Cash balance $8,595 minus $3,354 (cost) plus $37 (premium) is $5,278.
Comments:	Called on September 19 at $17.50. Proceeds $3,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of SASOL LTD ADR (SSL) at $39.05  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of SSL IH (Sep$40.00) at $1.45 (closing bid price) expiring on 9/19/2009. Cost is $3,925, and income from sale of the calls is $134 and includes your commissions.  Annualized return if called is 67%. Cash balance $5,278 minus $3,925 (cost) plus $134 (premium) is $4,059.
Comments:	Called on September 19 at $40.00. Proceeds $3,980 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of POLARIS INDUSTRIES INC (PII) at $39.05  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of PII IH (Sep$40.00) at $1.35 (closing bid price) expiring on 9/19/2009. Cost is $3,925, and income from sale of the calls is $124 and includes your commissions.  Annualized return if called is 64%. Cash balance $4,059 minus $3,925 (cost) plus $124 (premium) is $258.
Comments:	Called on September 19 at $40.00. Proceeds $3,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of stock called and sold in September from above transactions plus cash balance is $53,796 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 700 shares of SATYAM COMPUTER SERVICE (SAY) at $6.48  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of SAY JU (Oct$7.50) at $0.25 (closing bid price) expiring on 10/17/2009. Cost is $4,556, and income from sale of the calls is $155 and includes your commissions.  Annualized return if called is 235%. Cash balance $53,796 minus $4,556 (cost) plus $155 (premium) is $49.395.
Comments:	Not called on October 17.  Sold all shares at $6.50 to close out position on September 19. Proceeds $4,530 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of MECHEL OAO (MTL) at $16.18  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of MTL JW (Oct$17.50) at $0.85 (closing bid price) expiring on 10/17/2009. Cost is $4,874, and income from sale of the calls is $241 and includes your commissions.  Annualized return if called is 159%. Cash balance $49,395 minus $4,874 (cost) plus $241 (premium) is $44.762.
Comments:	Called on October 17 at $17.50. Proceeds $5,230 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 700 shares of PRECISION DRILLING TR UN (PDS) at $7.06  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of PDS JU (Oct$7.50) at $0.25 (closing bid price) expiring on 10/17/2009. Cost is $4,962, and income from sale of the calls is $155 and includes your commissions.  Annualized return if called is 112%. Cash balance $44,762 minus $4,962 (cost) plus $155 (premium) is $39.955.
Comments:	Not called on October 17.  Sold all shares at $6.92 to close out position on September 19. Proceeds $4,824 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of BRINKER INTERNATIONAL (EAT) at $16.36  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of EAT JW (Oct$17.50) at $0.40 (closing bid price) expiring on 10/17/2009. Cost is $4,928, and income from sale of the calls is $106 and includes your commissions.  Annualized return if called is 109%. Cash balance $39,955 minus $4,928 (cost) plus $106 (premium) is $36.133.
Comments:	Not called on October 17.  Sold all shares at $16.50 to close out position on September 19. Proceeds $4,930 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 500 shares of HUNTSMAN CORP (HUN) at $9.59  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of HUN JB (Oct$10.00) at $0.45 (closing bid price) expiring on 10/17/2009. Cost is $4,815, and income from sale of the calls is $208 and includes your commissions.  Annualized return if called is 103%. Cash balance $36,133 minus $4,815 (cost) plus $208 (premium) is $30.523.
Comments:	Not called on October 17.  Sold all shares at $9.01 to close out position on September 19. Proceeds $4,485 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of SL GREEN REALTY CORP (SLG) at $43.19  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of SLG JI (Oct$45.00) at $1.75 (closing bid price) expiring on 10/17/2009. Cost is $4,339, and income from sale of the calls is $164 and includes your commissions.  Annualized return if called is 94%. Cash balance $30,523 minus $4,339 (cost) plus $164 (premium) is $26.348.
Comments:	Not called on October 17.  Sold all shares at $44.02 to close out position on September 19. Proceeds $4,382 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of NUTRISYSTEM INC (NTRI) at $16.77  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of NSI JW (Oct$17.50) at $0.70 (closing bid price) expiring on 10/17/2009. Cost is $3,374, and income from sale of the calls is $127 and includes your commissions.  Annualized return if called is 94%. Cash balance $26,348 minus $3,374 (cost) plus $127 (premium) is $23.101.
Comments:	Called on October 17 at $17.50. Proceeds $3,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of TEMPLE INLAND INC (TIN) at $16.72  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of TIN JW (Oct$17.50) at $0.65 (closing bid price) expiring on 10/17/2009. Cost is $3,364, and income from sale of the calls is $117 and includes your commissions.  Annualized return if called is 95%. Cash balance $23,101 minus $3,364 (cost) plus $117 (premium) is $19.854.
Comments:	Called on October 17 at $17.50. Proceeds $5,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 200 shares of NEXEN INC (NXY) at $23.76  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of NXY JE (Oct$25.00) at $0.65 (closing bid price) expiring on 10/17/2009. Cost is $4,772, and income from sale of the calls is $117 and includes your commissions.  Annualized return if called is 91%. Cash balance $19,854 minus $4,772 (cost) plus $117 (premium) is $15.199.
Comments:	Called on October 17 at $25.00. Proceeds $4,980 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 100 shares of POLARIS INDUSTRIES INC (PII) at $42.19  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of PII JI (Oct$45.00) at $0.85 (closing bid price) expiring on 10/17/2009. Cost is $4,239, and income from sale of the calls is $74 and includes your commissions.  Annualized return if called is 99%. Cash balance $15,199 minus $4,239 (cost) plus $74 (premium) is $11.034.
Comments:	Called on October 17 at $45.00. Proceeds $4,480 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of CHINA MEDICAL TECHNOLS (CMED) at $15.85  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of QCY JW (Oct$17.50) at $0.30 (closing bid price) expiring on 10/17/2009. Cost is $4,775, and income from sale of the calls is $76 and includes your commissions.  Annualized return if called is 145%. Cash balance $11,034 minus $4,775 (cost) plus $76 (premium) is $6.335.
Comments:	Not called on October 17.  Sold all shares at $17.36 to close out position on September 19. Proceeds $5,188 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Buy 300 shares of DIANA SHIPPING INC (DSX) at $14.01  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of DSX JC (Oct$15.00) at $0.35 (closing bid price) expiring on 10/17/2009. Cost is $4,223, and income from sale of the calls is $91 and includes your commissions.  Annualized return if called is 110%. Cash balance $6,335 minus $4,223 (cost) plus $91 (premium) is $2.203.
Comments:	Not called on October 17.  Sold all shares at $14.37 to close out position on September 19. Proceeds $4,291 after commission. Proceeds will be used to purchase more stock and sell more calls. See below.
Total cash proceeds from sale of stock called and sold in October from above transactions plus cash balance is $57,180 and will be used to make the following buy/writes. Pocketed call premium September through December is $8,055.
Buy 500 shares of HUNTSMAN CORP (HUN) at $9.01  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of HUN KB (Nov$10.00) at $0.35 (closing bid price) expiring on 11/21/2009. Cost is $4,525, and income from sale of the calls is $158 and includes your commissions.  Annualized return if called is 142%. Cash balance $57,180 minus $4,525 (cost) plus $158 (premium) is $52.813.
Comments:	Not called on November 21.  Sold all shares at $8.77 to close out position on November 21. Proceeds $4,385 after commission.
Buy 300 shares of BRINKER INTERNATIONAL (EAT) at $16.50  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of EAT KW (Nov$17.50) at $0.60 (closing bid price) expiring on 11/21/2009. Cost is $4,970, and income from sale of the calls is $166 and includes your commissions.  Annualized return if called is 91%.  Cash balance $52,813 minus $4,970 (cost) plus $166 (premium) is $48.009.
Comments:	Exercised get-out price at $14.03 (-15%) on October 9 after buying back calls at $0.05. Final value including sale of all calls is $4,385, down(3.1%).
Buy 300 shares of DIANA SHIPPING INC (DSX) at $14.37  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of DSX KC (Nov$15.00) at $0.60 (closing bid price) expiring on 11/21/2009. Cost is $4,331, and income from sale of the calls is $166 and includes your commissions.  Annualized return if called is 78%.. Cash balance $48,009 minus $4,331 (cost) plus $166 (premium) is $46.511.
Comments:	Called on November 21 at $15.00. Proceeds $4,480 after commission.
Buy 200 shares of NEXEN INC (NXY) at $23.76  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of NXY JE (Oct$25.00) at $0.65 (closing bid price) expiring on 10/17/2009. Cost is $4,772, and income from sale of the calls is $117 and includes your commissions.  Annualized return if called is 91%. Cash balance $46,511 minus $4,442 (cost) plus $117 (premium) is $43.844.
Comments:	Not called on November 21.  Sold all shares at $24.42 to close out position on November 21. Proceeds $4,480 after commission.
Buy 300 shares of TCF FINANCIAL CORP (TCB) at $14.28  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of TCB KC (Nov$15.00) at $0.45 (closing bid price) expiring on 11/21/2009. Cost is $4,304, and income from sale of the calls is $121 and includes your commissions.  Annualized return if called is 75%. Cash balance $43,844 minus $4,304 (cost) plus $121 (premium) is $39.661.
Comments:	Exercised get-out price at $12.14 (-15%) on October 9 after buying back calls at $0.05. Final value including sale of all calls is $3,613, down(16.1%).
Buy 100 shares of BADGER METER INC (BMI) at $39.11  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of BMI KH (Nov$40.00) at $2.15 (closing bid price) expiring on 11/21/2009. Cost is $3,931, and income from sale of the calls is $204 and includes your commissions.  Annualized return if called is 70%. Cash balance $39,661 minus $3,931 (cost) plus $204 (premium) is $35.934.
Comments:	Not called on November 21.  Sold all shares at $36.54 to close out position on November 21. Proceeds $3,654 after commission.
Buy 100 shares of MCGRAW-HILL CO INC (MHP) at $29.58  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of MHP KF (Nov$30.00) at $1.60 (closing bid price) expiring on 11/21/2009. Cost is $2,978, and income from sale of the calls is $149 and includes your commissions.  Annualized return if called is 58%. Cash balance $35,934 minus $2,978 (cost) plus $149 (premium) is $33.105.
Comments:	Called on November 21 at $30.00. Proceeds $2,980 after commission.
Buy 100 shares of FRONTLINE LTD (FRO) at $27.07  (closing last trade price) and sell 1 call  Out-of-the-Money contracts of FRO KY (Nov$27.50) at $1.25 (closing bid price) expiring on 11/21/2009. Cost is $2,727, and income from sale of the calls is $114 and includes your commissions.  Annualized return if called is 51%. Cash balance $33,105 minus $2,727 (cost) plus $114 (premium) is $30.492.
Comments:	Exercised get-out price at $23.01 (-15%) on October 9 after buying back calls at $0.05. Final value including sale of all calls is $2,284, down(16.2%).
Buy 200 shares of OLIN CORPORATION (OLN) at $17.10  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of OLN KW (Nov$17.50) at $0.60 (closing bid price) expiring on 11/21/2009. Cost is $3,440, and income from sale of the calls is $107 and includes your commissions.  Annualized return if called is 49%. Cash balance $30,492 minus $3,440 (cost) plus $107 (premium) is $27.159.
Comments:	Not called on November 21.  Sold all shares at $17.04 to close out position on November 21. Proceeds $3,408 after commission.
Buy 300 shares of PENN WEST ENERGY TRUST (PWE) at $16.53  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of PWE KW (Nov$17.50) at $0.25 (closing bid price) expiring on 11/21/2009. Cost is $4,979, and income from sale of the calls is $61 and includes your commissions.  Annualized return if called is 68%. Cash balance $27,159 minus $4,979 (cost) plus $61 (premium) is $22.241.
Comments:	Not called on November 21.  Sold all shares at $17.51 to close out position on November 21. Proceeds $5,230 after commission.
Buy 500 shares of ALON USA ENERGY INC (ALJ) at $9.68  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of ALJ KB (Nov$10.00) at $0.40 (closing bid price) expiring on 11/21/2009. Cost is $4,860, and income from sale of the calls is $183 and includes your commissions.  Annualized return if called is 67%. Cash balance $22,241 minus $4,860 (cost) plus $183 (premium) is $17.564.
Comments:	Exercised get-out price at $8.23 (-15%) on November 6 after buying back calls at $0.05. Final value including sale of all calls is $4,073, down(16.2%).
Buy 300 shares of CHINA UNICOM (HK) LTD (CHU) at $14.06  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of CHU KC (Nov$15.00) at $0.30 (closing bid price) expiring on 11/21/2009. Cost is $4,238, and income from sale of the calls is $76 and includes your commissions.  Annualized return if called is 81%. Cash balance $17,564 minus $4,238 (cost) plus $76 (premium) is $13.402.
Comments:	Not called on November 21.  Sold all shares at $13.57 to close out position on November 21. Proceeds $4,071 after commission.
Buy 200 shares of REALTY INCOME CORP (O) at $23.39  (closing last trade price) and sell 2 call  Out-of-the-Money contracts of O KE (Nov$25.00) at $0.40 (closing bid price) expiring on 11/21/2009. Cost is $4,698, and income from sale of the calls is $67 and includes your commissions.  Annualized return if called is 80%. Cash balance $13,402 minus $4,698 (cost) plus $67 (premium) is $8.771.
Comments:	Called on November 21 at $25.00. Proceeds $4,980 after commission.
Buy 300 shares of PENN WEST ENERGY TRUST (PWE) at $16.53  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of PWE KW (Nov$17.50) at $0.25 (closing bid price) expiring on 11/21/2009. Cost is $4,979, and income from sale of the calls is $61 and includes your commissions.  Annualized return if called is 68%. Cash balance $8,771 minus $4,979 (cost) plus $61 (premium) is $3.853.
Comments:	Called on November 21 at $17.50. Proceeds $5,230 after commission.
Pocketed call premium September through December is $8,055.
All positions closed out on November 21, 2009. Cost of these ten (20) stocks is $73,594 back in September 2008. At November 21, 2009 (expiration weekend), this list value is $61,653, down (16.2%). The DOW is down (12.2%) for the period this list has been open.