Buy 900 shares of UAL CORP (UAUA) at $5.42  (closing last trade price) and sell 9 call Out-of-the-Money contracts of UAL CU (Mar$7.50) at $0.50 (closing bid price) expiring on 3/21/2009. Cost is $4,898, and income from sale of the calls is $427 and includes your commissions.  Annualized return if called is 607%.

Comments:

Exercised get-out price at $4.61 (-15%) on March 2 after buying back calls at $0.05. Final value including sale of all calls is $4,507, down (8.0%).

Buy 400 shares of MERITAGE HOME CORP (MTH) at $10.03  (closing last trade price) and sell 4 call Out-of-the-Money contracts of MTH CV (Mar$12.50) at $0.70 (closing bid price) expiring on 3/21/2009. Cost is $4,032, and income from sale of the calls is $264 and includes your commissions.  Annualized return if called is 398%.

Comments:

Not called on March 21.  Sold all shares at $11.79 to close out position on March 21. Final value including sale of all calls is $4,980, up +23.5%

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 384%.

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 $4,224, down (11.9%).

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 382%.

Comments:

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 CX (Mar$22.50) at $2.35 (closing bid price) expiring on 3/21/2009. Cost is $4,306, and income from sale of the calls is $457 and includes your commissions.  Annualized return if called is 197%.

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 $4,078, down (5.3%).

Buy 400 shares of CONTINENTAL AIRLINES (CAL) at $10.55  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CAL CV (Mar$12.50) at $0.85 (closing bid price) expiring on 3/21/2009. Cost is $4,240, and income from sale of the calls is $324 and includes your commissions.  Annualized return if called is 333%.

Comments:

Exercised get-out price at $8.97 (-15%) on March 3 after buying back calls at $0.05. Final value including sale of all calls is $3,876, down (8.6%).

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 310%.

Comments:

Exercised get-out price at $14.46 (-15%) on March 3 after buying back calls at $0.05. Final value including sale of all calls is $3,106, down (9.2%).

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 294%.

Comments:

Exercised get-out price at $19.22 (-15%) on March 2 after buying back calls at $0.05. Final value including sale of all calls is $3,898, down (9.5%).

Buy 300 shares of JAMES RIVER COAL COMPANY (JRCC) at $12.82  (closing last trade price) and sell 3 call Out-of-the-Money contracts of JQM CC (Mar$15.00) at $0.80 (closing bid price) expiring on 3/21/2009. Cost is $3,866, and income from sale of the calls is $226 and includes your commissions.  Annualized return if called is 290%.

Comments:

Exercised get-out price at $10.90 (-15%) on March 2 after buying back calls at $0.05. Final value including sale of all calls is $3,466, down (10.3%).

Buy 300 shares of AMERICAN EXPRESS CO (AXP) at $12.97  (closing last trade price) and sell 3 call Out-of-the-Money contracts of AXP CC (Mar$15.00) at $0.80 (closing bid price) expiring on 3/21/2009. Cost is $3,911, and income from sale of the calls is $226 and includes your commissions.  Annualized return if called is 272%.

Comments:

Buy 200 shares of DIREXION SHARS LRG BULL (BGU) at $22.03  (closing last trade price) and sell 2 call Out-of-the-Money contracts of BGU CE (Mar$25.00) at $1.80 (closing bid price) expiring on 3/21/2009. Cost is $4,426, and income from sale of the calls is $347 and includes your commissions.  Annualized return if called is 271%.

Comments:

Buy 500 shares of PULTE HOMES (PHM) at $8.71  (closing last trade price) and sell 5 call Out-of-the-Money contracts of PHM CB (Mar$10.00) at $0.50 (closing bid price) expiring on 3/21/2009. Cost is $4,375, and income from sale of the calls is $233 and includes your commissions.  Annualized return if called is 256%.

Comments:

Buy 300 shares of COMERICA INC (CMA) at $13.57  (closing last trade price) and sell 3 call Out-of-the-Money contracts of CMA CC (Mar$15.00) at $1.30 (closing bid price) expiring on 3/21/2009. Cost is $4,091, and income from sale of the calls is $376 and includes your commissions.  Annualized return if called is 250%.

Comments:

Buy 300 shares of SL GREEN REALTY CORP (SLG) at $13.33  (closing last trade price) and sell 3 call Out-of-the-Money contracts of SLG CC (Mar$15.00) at $0.80 (closing bid price) expiring on 3/21/2009. Cost is $4,019, and income from sale of the calls is $226 and includes your commissions.  Annualized return if called is 229%.

Comments:

Buy 700 shares of SUNTECH POWER HOLDINGS (STP) at $6.86  (closing last trade price) and sell 7 call Out-of-the-Money contracts of STP CU (Mar$7.50) at $0.60 (closing bid price) expiring on 3/21/2009. Cost is $4,822, and income from sale of the calls is $400 and includes your commissions.  Annualized return if called is 224%.

Comments:

Buy 500 shares of KB HOME (KBH) at $9.29  (closing last trade price) and sell 5 call Out-of-the-Money contracts of KBH CB (Mar$10.00) at $0.90 (closing bid price) expiring on 3/21/2009. Cost is $4,665, and income from sale of the calls is $433 and includes your commissions.  Annualized return if called is 215%.

Comments:

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 CW (Mar$17.50) at $1.30 (closing bid price) expiring on 3/21/2009. Cost is $4,841, and income from sale of the calls is $376 and includes your commissions.  Annualized return if called is 211%.

Comments:

Buy 200 shares of BANK OF NEW YORK MELLON (BK) at $22.83  (closing last trade price) and sell 2 call Out-of-the-Money contracts of BK CE (Mar$25.00) at $1.60 (closing bid price) expiring on 3/21/2009. Cost is $4,586, and income from sale of the calls is $307 and includes your commissions.  Annualized return if called is 205%.

Comments:

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 CV (Mar$12.50) at $1.35 (closing bid price) expiring on 3/21/2009. Cost is $4,792, and income from sale of the calls is $524 and includes your commissions.  Annualized return if called is 199%.

Comments:

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 357%.

Comments:

Income from sale of calls is +$6,337

All positions closed on March 21, 2009.

Cost of these ten (20) stocks is $88,110 . At March 21, 2009 (expiration weekend), this list value is $87,933, down (0.2%). The NASDAQ was up 1.1% for the period this list was open.