Buy 300 shares of DIREXION SHR FIN BULL 3X (FAS) at $12.81  (closing last trade price) and sell 3 call Out-of-the-Money contracts of FAS BE (Feb$25.00) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $3,863, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 1,023%.

Comments:

Bought 300 shares of DIREXION SHR FIN BULL 3X (FAS) at $10.18  (closing last trade price) and sell 3 call Out-of-the-Money contracts of FAS BE (Feb$25.00) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $3,863, and income from sale of the calls is $151 and includes your commissions. Exercised get-out price at $8.65 (-15%) on January 22 after buying back calls at $0.05. Proceeds $2,575 after commission and call buy back. Final value including sale of all calls is $2,671, down (13.1%).

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 $0.40 (closing bid price) expiring on 2/21/2009. Cost is $3,074, and income from sale of the calls is $106 and includes your commissions.  Annualized return if called is 463%.

Comments:

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$7.5) at $0.30 (closing bid price) expiring on 2/21/2009. Cost is $2,600, and income from sale of the calls is $161 and includes your commissions. Exercised get-out price at $3.66 (-15%) on January 26 after buying back calls at $0.05. Proceeds $2,176 after commission and call buy back. Final value including sale of all calls is $2,308, down (11.2%).

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 422%.

Comments:

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 $181 and includes your commissions. Exercised get-out price at $12.76 (-15%) on February 10 after buying back calls at $0.05. Proceeds $3,808 after commission and call buy back. Final value including sale of all calls is $3,979, down (12.0%).

Buy 400 shares of UAL CORP (UAUA) at $11.95  (closing last trade price) and sell 4 call Out-of-the-Money contracts of UAL BC (Feb$15.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $4,800, and income from sale of the calls is $244 and includes your commissions.  Annualized return if called is 314%.

Comments:

Bought 400 shares of UAL CORP (UAUA) at $12.24  (closing last trade price) and sell 4 call Out-of-the-Money contracts of UAL BC (Feb$15.00) at $0.70 (closing bid price) expiring on 2/21/2009. Cost is $4,916, and income from sale of the calls is $264 and includes your commissions. Exercised get-out price at $10.40 (-15%) on January 30 after buying back calls at $0.05. Proceeds $4,140 after commission and call buy back. Final value including sale of all calls is $4,388, down (10.7%).

Buy 300 shares of PRINCIPAL FINANCIAL GRP (PFG) at $16.19  (closing last trade price) and sell 3 call Out-of-the-Money contracts of PFG BD (Feb$20.00) at $1.10 (closing bid price) expiring on 2/21/2009. Cost is $4,877, and income from sale of the calls is $316 and includes your commissions.  Annualized return if called is 308%.

Comments:

Bought 300 shares of PRINCIPAL FINANCIAL GRP (PFG) at $14.74  (closing last trade price) and sell 3 call Out-of-the-Money contracts of PFG BD (Feb$20.00) at $0.90 (closing bid price) expiring on 2/21/2009. Cost is $4,442, and income from sale of the calls is $256 and includes your commissions. Exercised get-out price at $12.53 (-15%) on February 10 after buying back calls at $0.05. Proceeds $3,739 after commission and call buy back. Final value including sale of all calls is $3,985, down (10.3%).

Buy 400 shares of TBS INTERNATIONAL LTD (TBSI) at $10.24  (closing last trade price) and sell 4 call Out-of-the-Money contracts of TQF BV (Feb$12.50) at $0.80 (closing bid price) expiring on 2/21/2009. Cost is $4,116, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 301%.

Comments:

Bought 400 shares of TBS INTERNATIONAL LTD (TBSI) at $9.57  (closing last trade price) and sell 4 call Out-of-the-Money contracts of TQF BV (Feb$12.50) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $3,847, and income from sale of the calls is $244 and includes your commissions. Exercised get-out price at $8.13 (-15%) on February 19 after buying back calls at $0.05. Proceeds $3,232 after commission and call buy back. Final value including sale of all calls is $3,460, down (10.1%).

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 298%.

Comments:

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 BX (Feb$22.50) at $0.85 (closing bid price) expiring on 2/21/2009. Cost is $3,294, and income from sale of the calls is $157 and includes your commissions. Exercised get-out price at $13.91 (-15%) on February 17 after buying back calls at $0.05. Proceeds $2,762 after commission and call buy back. Final value including sale of all calls is $2,916, down (11.5%).

Buy 200 shares of SUNTRUST BANKS INC (STI) at $19.94  (closing last trade price) and sell 2 call Out-of-the-Money contracts of STI BE (Feb$25.00) at $0.80 (closing bid price) expiring on 2/21/2009. Cost is $4,008, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 296%.

Comments:

Bought 200 shares of SUNTRUST BANKS INC (STI) at $17.37  (closing last trade price) and sell 2 call Out-of-the-Money contracts of STI BE (Feb$25.00) at $0.65 (closing bid price) expiring on 2/21/2009. Cost is $3,494, and income from sale of the calls is $117 and includes your commissions. Exercised get-out price at $14.76 (-15%) on January 22 after buying back calls at $0.05. Proceeds $2,948 after commission and call buy back. Final value including sale of all calls is $3,046, down (12.8%).

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 291%.

Comments:

Bought 700 shares of DEVELOPERS DIVERSIFIED (DDR) at $5.63  (closing last trade price) and sell 7 call Out-of-the-Money contracts of DDR BU (Feb$7.50) at $0.45 (closing bid price) expiring on 2/21/2009. Cost is $3,961, and income from sale of the calls is $295 and includes your commissions. Exercised get-out price at $4.79 (-15%) on January 26 after buying back calls at $0.05. Proceeds $3,333 after commission and call buy back. Final value including sale of all calls is $3,592, down (9.3%).

Buy 700 shares of KEYCORP (KEY) at $6.31  (closing last trade price) and sell 7 call Out-of-the-Money contracts of KEY BU (Feb$7.50) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $4,437, and income from sale of the calls is $365 and includes your commissions.  Annualized return if called is 277%.

Comments:

Bought 700 shares of KEYCORP (KEY) at $6.29  (closing last trade price) and sell 7 call Out-of-the-Money contracts of KEY BU (Feb$7.50) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $4,423, and income from sale of the calls is $365 and includes your commissions. Exercised get-out price at $5.35 (-15%) on February 19 after buying back calls at $0.05. Proceeds $3,725 after commission and call buy back. Final value including sale of all calls is $4,054, down (8.3%).

Buy 400 shares of MERITAGE HOME CORP (MTH) at $10.90  (closing last trade price) and sell 4 call Out-of-the-Money contracts of MTH BV (Feb$12.50) at $1.40 (closing bid price) expiring on 2/21/2009. Cost is $4,380, and income from sale of the calls is $544 and includes your commissions.  Annualized return if called is 277%.

Comments:

Bought 400 shares of MERITAGE HOME CORP (MTH) at $10.46  (closing last trade price) and sell 4 call Out-of-the-Money contracts of MTH BV (Feb$12.50) at $1.20 (closing bid price) expiring on 2/21/2009. Cost is $4,204, and income from sale of the calls is $464 and includes your commissions. Not called on February 21.  Sold all shares at $10.03 to close out position on February 21. Proceeds $3,992 after commission. Final value including sale of all calls is $4,467, up 6.5%

Buy 500 shares of US AIRWAYS GROUP INC (LCC) at $8.53  (closing last trade price) and sell 5 call Out-of-the-Money contracts of LCC BB (Feb$10.00) at $0.70 (closing bid price) expiring on 2/21/2009. Cost is $4,285, and income from sale of the calls is $333 and includes your commissions.  Annualized return if called is 255%.

Comments:

Bought 500 shares of US AIRWAYS GROUP INC (LCC) at $8.30  (closing last trade price) and sell 5 call Out-of-the-Money contracts of LCC BB (Feb$10.00) at $0.60 (closing bid price) expiring on 2/21/2009. Cost is $4,170, and income from sale of the calls is $283 and includes your commissions. Exercised get-out price at $7.06 (-15%) on January 26 after buying back calls at $0.05. Proceeds $3,510 after commission and call buy back. Final value including sale of all calls is $3,770, down (9.6%).

Buy 200 shares of LEGG MASON INC (LM) at $21.06  (closing last trade price) and sell 2 call Out-of-the-Money contracts of LM BE (Feb$25.00) at $1.25 (closing bid price) expiring on 2/21/2009. Cost is $4,232, and income from sale of the calls is $237 and includes your commissions.  Annualized return if called is 248%.

Comments:

Bought 200 shares of LEGG MASON INC (LM) at $18.93  (closing last trade price) and sell 2 call Out-of-the-Money contracts of LM BE (Feb$25.00) at $1.05 (closing bid price) expiring on 2/21/2009. Cost is $3,806, and income from sale of the calls is $197 and includes your commissions. Exercised get-out price at $16.09 (-15%) on January 30 after buying back calls at $0.05. Proceeds $3,198 after commission and call buy back. Final value including sale of all calls is $3,392, down (10.9%). 

Buy 300 shares of JEFFERIES GROUP INC (JEF) at $12.54  (closing last trade price) and sell 3 call Out-of-the-Money contracts of JEF BC (Feb$15.00) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $3,782, and income from sale of the calls is $151 and includes your commissions.  Annualized return if called is 240%.

Comments:

Bought 300 shares of JEFFERIES GROUP INC (JEF) at $11.67  (closing last trade price) and sell 3 call Out-of-the-Money contracts of JEF BC (Feb$15.00) at $0.40 (closing bid price) expiring on 2/21/2009. Cost is $3,503, and income from sale of the calls is $106 and includes your commissions. Not called on February 21.  Sold all shares at $10.90 to close out position on February 21. Proceeds $3,260 after commission. Final value including sale of all calls is $3,376, down (3.6%). 

Buy 200 shares of AGCO CORP (AG) at $20.96  (closing last trade price) and sell 2 call Out-of-the-Money contracts of AG BE (Feb$25.00) at $0.80 (closing bid price) expiring on 2/21/2009. Cost is $4,212, and income from sale of the calls is $147 and includes your commissions.  Annualized return if called is 232%.

Comments:

Bought 200 shares of AGCO CORP (AG) at $20.04  (closing last trade price) and sell 2 call Out-of-the-Money contracts of AG BE (Feb$25.00) at $0.60 (closing bid price) expiring on 2/21/2009. Cost is $4,028, and income from sale of the calls is $107 and includes your commissions. Exercised get-out price at $17.03 (-15%) on February 20 after buying back calls at $0.05. Proceeds $3,386 after commission and call buy back. Final value including sale of all calls is $3,513, down (12.8%). 

Buy 400 shares of CENTEX CORP (CTX) at $10.89  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CTX BV (Feb$12.50) at $0.85 (closing bid price) expiring on 2/21/2009. Cost is $4,376, and income from sale of the calls is $324 and includes your commissions.  Annualized return if called is 226%.

Comments:

Bought 400 shares of CENTEX CORP (CTX) at $10.42  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CTX BV (Feb$12.50) at $0.75 (closing bid price) expiring on 2/21/2009. Cost is $4,188, and income from sale of the calls is $284 and includes your commissions. Exercised get-out price at $8.86 (-15%) on January 30 after buying back calls at $0.05. Proceeds $3,524 after commission and call buy back. Final value including sale of all calls is $3,792, down (9.5%). 

Buy 500 shares of EXCO RESOURCES INC (XCO) at $8.84  (closing last trade price) and sell 5 call Out-of-the-Money contracts of XCO BB (Feb$10.00) at $0.80 (closing bid price) expiring on 2/21/2009. Cost is $4,440, and income from sale of the calls is $383 and includes your commissions.  Annualized return if called is 222%.

Comments:

Bought 500 shares of EXCO RESOURCES INC (XCO) at $8.21  (closing last trade price) and sell 5 call Out-of-the-Money contracts of XCO BB (Feb$10.00) at $0.70 (closing bid price) expiring on 2/21/2009. Cost is $4,125, and income from sale of the calls is $333 and includes your commissions. Not called on February 21.  Sold all shares at $9.42 to close out position on February 21. Proceeds $4,690 after commission. Final value including sale of all calls is $5,043, up 22.2%

Buy 700 shares of SANDRIDGE ENERGY INC (SD) at $6.57  (closing last trade price) and sell 7 call Out-of-the-Money contracts of SD BU (Feb$7.50) at $0.50 (closing bid price) expiring on 2/21/2009. Cost is $4,619, and income from sale of the calls is $330 and includes your commissions.  Annualized return if called is 217%.

Comments:

Bought 700 shares of SANDRIDGE ENERGY INC (SD) at $6.15  (closing last trade price) and sell 7 call Out-of-the-Money contracts of SD BU (Feb$7.50) at $0.55 (closing bid price) expiring on 2/21/2009. Cost is $4,325, and income from sale of the calls is $365 and includes your commissions. Not called on February 21.  Sold all shares at $6.44 to close out position on February 21. Proceeds $4,488 after commission. Final value including sale of all calls is $4,873, up 12.7%

Buy 400 shares of DENBURY RESOURCES INC (DNR) at $10.76  (closing last trade price) and sell 4 call Out-of-the-Money contracts of DNR BV (Feb$12.50) at $0.60 (closing bid price) expiring on 2/21/2009. Cost is $4,324, and income from sale of the calls is $224 and includes your commissions.  Annualized return if called is 217%.

Comments:

Bought 400 shares of DENBURY RESOURCES INC (DNR) at $10.34  (closing last trade price) and sell 4 call Out-of-the-Money contracts of DNR BV (Feb$12.50) at $0.50 (closing bid price) expiring on 2/21/2009. Cost is $4,156, and income from sale of the calls is $184 and includes your commissions. Not called on February 21.  Sold all shares at $12.29 to close out position on February 21. Proceeds $4,896 after commission. Final value including sale of all calls is $5,100, up 22.7%

Buy 200 shares of AMERICAN SUPERCONDUCTOR (AMSC) at $17.18  (closing last trade price) and sell 2 call Out-of-the-Money contracts of QAY BD (Feb$20.00) at $0.90 (closing bid price) expiring on 2/21/2009. Cost is $3,456, and income from sale of the calls is $167 and includes your commissions.  Annualized return if called is 215%.

Comments:

Bought 200 shares of AMERICAN SUPERCONDUCTOR (AMSC) at $17.34  (closing last trade price) and sell 2 call Out-of-the-Money contracts of QAY BD (Feb$20.00) at $1.00 (closing bid price) expiring on 2/21/2009. Cost is $3,488, and income from sale of the calls is $187 and includes your commissions. Not called on February 21.  Sold all shares at $18.20 to close out position on February 21. Proceeds $3,620 after commission. Final value including sale of all calls is $3,827, up 9.7%

Income from sale of calls is +$4,653 (actual).

All positions closed out on February 21

Cost of these ten (20) stocks is $78,567 (actual). At February 21, 2009 (expiration weekend), this list value is $75,561, down (3.8%) (actual). The NASDAQ was down (5.8%) for the period this list was open.