Buy 400 shares of UAL CORP (UAUA) at $11.09  (closing last trade price) and sell 4 call Out-of-the-Money contracts of UAL AC (Jan$15.00) at $0.55 (closing bid price) expiring on 1/17/2009. Cost is $4,456, and income from sale of the calls is $204 and includes your commissions.  Annualized return if called is 511%.

Comments:

Not called on January 17.  Sold all shares at $11.95 to close out position on January 17. Proceeds $4,800 after commission. Final value including sale of all calls is $4,984, up 11.9%

Buy 800 shares of CYPRESS BIOSCIENCE INC (CYPB) at $5.93  (closing last trade price) and sell 8 call Out-of-the-Money contracts of QGY AU (Jan$7.50) at $0.75 (closing bid price) expiring on 1/17/2009. Cost is $4,764, and income from sale of the calls is $578 and includes your commissions.  Annualized return if called is 496%.

Comments:

Called on January 17 at $7.50. Proceeds $5,980 after commission. Final value including sale of all calls is $6,558, up 37.7%.

Buy 100 shares of AMAG PHARMACEUTICALS INC (AMAG) at $32.27  (closing last trade price) and sell 1 call Out-of-the-Money contracts of AVM AH (Jan$40.00) at $4.50 (closing bid price) expiring on 1/17/2009. Cost is $3,247, and income from sale of the calls is $439 and includes your commissions.  Annualized return if called is 479%.

Comments:

Not called on January 17.  Sold all shares at $35.00 to close out position on January 17. Proceeds $3,480 after commission. Final value including sale of all calls is $3,939, up 21.3%

Buy 700 shares of SANDRIDGE ENERGY INC (SD) at $6.36  (closing last trade price) and sell 7 call Out-of-the-Money contracts of SD AU (Jan$7.50) at $0.50 (closing bid price) expiring on 1/17/2009. Cost is $4,472, and income from sale of the calls is $330 and includes your commissions.  Annualized return if called is 323%.

Comments:

Not called on January 17.  Sold all shares at $6.57 to close out position on January 17. Proceeds $4,579 after commission. Final value including sale of all calls is $4,929, up 10.2%

Buy 300 shares of JAMES RIVER COAL COMPANY (JRCC) at $12.99  (closing last trade price) and sell 3 call Out-of-the-Money contracts of JQM AC (Jan$15.00) at $1.35 (closing bid price) expiring on 1/17/2009. Cost is $3,917, and income from sale of the calls is $391 and includes your commissions.  Annualized return if called is 324%.

Comments:

Not called on January 17.  Sold all shares at $14.69 to close out position on January 17. Proceeds $4,387 after commission. Final value including sale of all calls is $4,798, up 22.5%

Buy 400 shares of INTERMUNE INC (ITMN) at $11.60  (closing last trade price) and sell 4 call Out-of-the-Money contracts of IQY AV (Jan$12.50) at $2.00 (closing bid price) expiring on 1/17/2009. Cost is $4,660, and income from sale of the calls is $784 and includes your commissions.  Annualized return if called is 314%. RISKY!!!

Comments:

Exercised get-out price at $9.86 (-15%) on December 29 after buying back calls at $0.05. Proceeds $3,888 after commission and call buy back. Final value including sale of all calls is $4,692, up 0.7%.

Buy 500 shares of HARMONY GOLD MINING ADS (HMY) at $8.95  (closing last trade price) and sell 5 call Out-of-the-Money contracts of HMY AB (Jan$10.00) at $0.50 (closing bid price) expiring on 1/17/2009. Cost is $4,495, and income from sale of the calls is $233 and includes your commissions.  Annualized return if called is 214%.

Comments:

Called on January 17 at $10.00. Proceeds $4,980 after commission. Final value including sale of all calls is $5,213, up 16.0%.

Buy 300 shares of TRINITY INDUSTRIES INC (TRN) at $15.47  (closing last trade price) and sell 3 call Out-of-the-Money contracts of TRN AW (Jan$17.50) at $0.55 (closing bid price) expiring on 1/17/2009. Cost is $4,661, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 207%.

Comments:

Exercised get-out price at $13.15 (-15%) on January 15 after buying back calls at $0.05. Proceeds $3,925 after commission and call buy back. Final value including sale of all calls is $4,066, down (12.8%).

Buy 300 shares of COMPANHIA SIDERURGICA (SID) at $13.37  (closing last trade price) and sell 3 call Out-of-the-Money contracts of SID AC (Jan$15.00) at $0.60 (closing bid price) expiring on 1/17/2009. Cost is $4,031, and income from sale of the calls is $166 and includes your commissions.  Annualized return if called is 205%.

Comments:

Called on January 17 at $15.00. Proceeds $4,480 after commission. Final value including sale of all calls is $4,646, up 15.2%.

Buy 300 shares of MERITAGE HOME CORP (MTH) at $14.41  (closing last trade price) and sell 3 call Out-of-the-Money contracts of MTH AC (Jan$15.00) at $1.75 (closing bid price) expiring on 1/17/2009. Cost is $4,343, and income from sale of the calls is $511 and includes your commissions.  Annualized return if called is 201%.

Comments:

Exercised get-out price at $12.25 (-15%) on December 22 after buying back calls at $0.05. Proceeds $3,627 after commission and call buy back. Final value including sale of all calls is $4,156, down (4.3%).

Buy 300 shares of OVERSTOCK.COM INC (OSTK) at $12.49  (closing last trade price) and sell 3 call Out-of-the-Money contracts of QKT AC (Jan$15.00) at $0.55 (closing bid price) expiring on 1/17/2009. Cost is $3,767, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 306%.

Comments:

Exercised get-out price at $10.62 (-15%) on December 22 after buying back calls at $0.05. Proceeds $3,166 after commission and call buy back. Final value including sale of all calls is $3,307, down (12.2%).

Buy 500 shares of EXCO RESOURCES INC (XCO) at $8.70  (closing last trade price) and sell 5 call Out-of-the-Money contracts of XCO AB (Jan$10.00) at $0.75 (closing bid price) expiring on 1/17/2009. Cost is $4,370, and income from sale of the calls is $358 and includes your commissions.  Annualized return if called is 295%.

Comments:

Not called on January 17.  Sold all shares at $8.84 to close out position on January 17. Proceeds $4,400 after commission. Final value including sale of all calls is $4,778, up 9.3%

Buy 400 shares of UAL CORP (UAUA) at $11.09  (closing last trade price) and sell 4 call Out-of-the-Money contracts of UAL AV (Jan$12.50) at $1.15 (closing bid price) expiring on 1/17/2009. Cost is $4,456, and income from sale of the calls is $444 and includes your commissions.  Annualized return if called is 289%.

Comments:

Not called on January 17.  Sold all shares at $11.95 to close out position on January 17. Proceeds $4,760 after commission. Final value including sale of all calls is $5,224, up 172X%

Buy 300 shares of KB HOME (KBH) at $14.93  (closing last trade price) and sell 3 call Out-of-the-Money contracts of KBH AW (Jan$17.50) at $0.75 (closing bid price) expiring on 1/17/2009. Cost is $4,499, and income from sale of the calls is $211 and includes your commissions.  Annualized return if called is 279%.

Comments:

Exercised get-out price at $12.69 (-15%) on January 15 after buying back calls at $0.05. Proceeds $3,787 after commission and call buy back. Final value including sale of all calls is $3,988, down (11.4%).

Buy 400 shares of AMYLIN PHARMACEUTICALS (AMLN) at $11.00  (closing last trade price) and sell 4 call Out-of-the-Money contracts of AQM AV (Jan$12.50) at $0.70 (closing bid price) expiring on 1/17/2009. Cost is $4,420, and income from sale of the calls is $264 and includes your commissions.  Annualized return if called is 249%.

Comments:

Not called on January 17.  Sold all shares at $11.63 to close out position on January 17. Proceeds $4,632 after commission. Final value including sale of all calls is $4,916, up 11.2%

Buy 400 shares of CHICAGO BRIDGE & IRON NV (CBI) at $11.13  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CBI AV (Jan$12.50) at $0.80 (closing bid price) expiring on 1/17/2009. Cost is $4,472, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 243%.

Comments:

Not called on January 17.  Sold all shares at $12.27 to close out position on January 17. Proceeds $4,888 after commission. Final value including sale of all calls is $5,212, up 16.5%

Buy 300 shares of PAN AMERICAN SILVER CORP (PAAS) at $15.34  (closing last trade price) and sell 3 call Out-of-the-Money contracts of USP AW (Jan$17.50) at $0.80 (closing bid price) expiring on 1/17/2009. Cost is $4,622, and income from sale of the calls is $226 and includes your commissions.  Annualized return if called is 241%.

Comments:

Not called on January 17.  Sold all shares at $15.80 to close out position on January 17. Proceeds $4,720 after commission. Final value including sale of all calls is $4,966, up 7.4%

Buy 300 shares of DIANA SHIPPING INC (DSX) at $13.25  (closing last trade price) and sell 3 call Out-of-the-Money contracts of DSX AC (Jan$15.00) at $0.75 (closing bid price) expiring on 1/17/2009. Cost is $3,995, and income from sale of the calls is $211 and includes your commissions.  Annualized return if called is 234%.

Comments:

Exercised get-out price at $11.26 (-15%) on January 15 after buying back calls at $0.05. Proceeds $3,357 after commission and call buy back. Final value including sale of all calls is $3,5599, down (10.9%).

Buy 300 shares of PETROHAWK ENERGY CORP (HK) at $15.77  (closing last trade price) and sell 3 call Out-of-the-Money contracts of HK AW (Jan$17.50) at $1.05 (closing bid price) expiring on 1/17/2009. Cost is $4,751, and income from sale of the calls is $301 and includes your commissions.  Annualized return if called is 220%.

Comments:

Called on January 17 at $17.50. Proceeds $5,230 after commission. Final value including sale of all calls is $5,531, up 16.4%.

Buy 400 shares of CENTEX CORP (CTX) at $11.59  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CTX AV (Jan$12.50) at $1.10 (closing bid price) expiring on 1/17/2009. Cost is $4,656, and income from sale of the calls is $424 and includes your commissions.  Annualized return if called is 215%.

Comments:

Exercised get-out price at $9.85 (-15%) on December 22 after buying back calls at $0.05. Proceeds $3,884 after commission and call buy back. Final value including sale of all calls is $4,328, down (7.0%).

Income from sale of calls is +$6,544.

All positions closed out on January 17, 2009.

Cost of these ten (20) stocks is $87,053. At January 17, 2009 (expiration weekend), this list value is $93,875, up 7.8%. The NASDAQ was down (2.2%) for the period this list was open.