Buy 700 shares of MF GLOBAL LTD (MF) at $6.24  (closing last trade price) and sell 7 call Out-of-the-Money contracts of MF HU (Aug$7.50) at $0.75 (closing bid price) expiring on 8/16/2008. Cost is $4,388, and income from sale of the calls is $505 and includes your commissions.  Annualized return if called is 406%.

Comments:

Not called on August 16. Will now sell Sep7.5 at $0.70. Price at $7.34 and value at $6,112 , up 39.3% on August 16 including sale of all calls. Called on September 20 at $7.50. Final value including sale of all calls is $5,734, up 30.7%.

Buy 700 shares of FIRSTFED FINANCIAL CORP (FED) at $6.64  (closing last trade price) and sell 7 call Out-of-the-Money contracts of FED HU (Aug$7.50) at $1.05 (closing bid price) expiring on 8/16/2008. Cost is $4,668, and income from sale of the calls is $715 and includes your commissions.  Annualized return if called is 362%.

Comments:

Called on August 16 at $7.50. Final value including sale of all calls is $5,995, up 27.3%.

Buy 600 shares of NORTHWEST AIRLINES CORP (NWA) at $8.18  (closing last trade price) and sell 6 call Out-of-the-Money contracts of NWA HB (Aug$10.00) at $0.65 (closing bid price) expiring on 8/16/2008. Cost is $4,928, and income from sale of the calls is $371 and includes your commissions.  Annualized return if called is 382%.

Comments:

Called on August 16 at $10.00. Final value including sale of all calls is $6,351, up 28.9%.

Buy 400 shares of REGIONS FINANCIAL CORP (RF) at $10.11  (closing last trade price) and sell 4 call Out-of-the-Money contracts of RF HV (Aug$12.50) at $0.60 (closing bid price) expiring on 8/16/2008. Cost is $4,064, and income from sale of the calls is $224 and includes your commissions.  Annualized return if called is 372%.

Comments:

Not called on August 16. Will now sell Sep12.5 at $0.10. Price at $9.10 and value at $3,888 , down (4.3%) on August 16 including sale of all calls. Exercised get-out price at $8.59 (-15%) on August 18 after buying back calls at $0.05. Final value including sale of all calls is $3,648, down (10.2%)

Buy 200 shares of AMERICAN CAPITAL LTD (ACAS) at $21.11  (closing last trade price) and sell 2 call Out-of-the-Money contracts of DQS HE (Aug$25.00) at $1.30 (closing bid price) expiring on 8/16/2008. Cost is $4,242, and income from sale of the calls is $247 and includes your commissions.  Annualized return if called is 309%.

Comments:

Not called on August 16. Will now sell Sep25 at $0.50. Price at $22.75 and value at $4,884 , up 15.0% on August 16 including sale of all calls. Called on September 20 at $25.00. Final value including sale of all calls is $5,314, up 25.1%.

Buy 500 shares of ISTAR FINANCIAL INC (SFI) at $8.94  (closing last trade price) and sell 5 call Out-of-the-Money contracts of SFI HB (Aug$10.00) at $1.05 (closing bid price) expiring on 8/16/2008. Cost is $4,490, and income from sale of the calls is $508 and includes your commissions.  Annualized return if called is 296%.

Comments:

Exercised get-out price at $7.60 (-15%) on July 21 after buying back calls at $0.05. Final value including sale of all calls is $4,265, down (5.0%)

Buy 500 shares of WESTERN REFINING INC (WNR) at $8.76  (closing last trade price) and sell 5 call Out-of-the-Money contracts of WNR HB (Aug$10.00) at $0.80 (closing bid price) expiring on 8/16/2008. Cost is $4,400, and income from sale of the calls is $383 and includes your commissions.  Annualized return if called is 291%.

Comments:

Exercised get-out price at $7.45 (-15%) on August 4 after buying back calls at $0.05. Final value including sale of all calls is $4,065, down (7.6%)

Buy 500 shares of ANADIGICS INC (ANAD) at $8.96  (closing last trade price) and sell 5 call Out-of-the-Money contracts of AKQ HB (Aug$10.00) at $0.90 (closing bid price) expiring on 8/16/2008. Cost is $4,500, and income from sale of the calls is $433 and includes your commissions.  Annualized return if called is 270%.

Comments:

Exercised get-out price at $7.62 (-15%) on July 23 after buying back calls at $0.05. Final value including sale of all calls is $4,200, down (6.7%)

Buy 700 shares of DELTA AIR LINES INC (DAL) at $6.93  (closing last trade price) and sell 7 call Out-of-the-Money contracts of DAL HU (Aug$7.50) at $0.90 (closing bid price) expiring on 8/16/2008. Cost is $4,871, and income from sale of the calls is $610 and includes your commissions.  Annualized return if called is 265%.

Comments:

Called on August 16 at $7.50. Final value including sale of all calls is $5,840, up 19.9%.

Buy 500 shares of CIT GROUP (CIT) at $8.74  (closing last trade price) and sell 5 call Out-of-the-Money contracts of CIT HB (Aug$10.00) at $0.55 (closing bid price) expiring on 8/16/2008. Cost is $4,390, and income from sale of the calls is $258 and includes your commissions.  Annualized return if called is 258%.

Comments:

Not called on August 16. Will now sell Sep10 at $0.80. Price at $9.53 and value at $5,405 , up 23.1% on August 16 including sale of all calls. Called on September 20 at $10.00. Final value including sale of all calls is $5,620, up 28.0%.

Buy 400 shares of SYNCHRONOSS TECHNOLOGIES (SNCR) at $10.90  (closing last trade price) and sell 4 call Out-of-the-Money contracts of QQR HV (Aug$12.50) at $0.65 (closing bid price) expiring on 8/16/2008. Cost is $4,380, and income from sale of the calls is $244 and includes your commissions.  Annualized return if called is 257%.

Comments:

Called on August 16 at $12.50. Final value including sale of all calls is $5,224, up 19.3%.

Buy 500 shares of BOYD GAMING CORP (BYD) at $9.15  (closing last trade price) and sell 5 call Out-of-the-Money contracts of BYD HB (Aug$10.00) at $0.85 (closing bid price) expiring on 8/16/2008. Cost is $4,595, and income from sale of the calls is $408 and includes your commissions.  Annualized return if called is 231%.

Comments:

Called on August 16 at $10.00. Final value including sale of all calls is $5,388, up 17.3%.

Buy 500 shares of LOUISIANA-PACIFIC CORP (LPX) at $9.04  (closing last trade price) and sell 5 call Out-of-the-Money contracts of LPX HB (Aug$10.00) at $0.65 (closing bid price) expiring on 8/16/2008. Cost is $4,540, and income from sale of the calls is $308 and includes your commissions.  Annualized return if called is 221%.

Comments:

Called on August 16 at $10.00. Final value including sale of all calls is $5,287, up 16.5%.

Buy 200 shares of TESSERA TECHNOLOGIES (TSRA) at $17.91  (closing last trade price) and sell 2 call Out-of-the-Money contracts of TJQ HD (Aug$20.00) at $1.10 (closing bid price) expiring on 8/16/2008. Cost is $3,602, and income from sale of the calls is $207 and includes your commissions.  Annualized return if called is 219%.

Comments:

Called on August 16 at $20.00. Final value including sale of all calls is $4,187, up 16.2%.

Buy 400 shares of BIDZ.COM INC (BIDZ) at $11.36  (closing last trade price) and sell 4 call Out-of-the-Money contracts of QGZ HV (Aug$12.50) at $0.80 (closing bid price) expiring on 8/16/2008. Cost is $4,564, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 211%.

Comments:

Exercised get-out price at $9.66 (-15%) on July 28 after buying back calls at $0.05. Final value including sale of all calls is $4,132, down (9.5%)

Buy 200 shares of AMERICAN CAPITAL LTD (ACAS) at $21.11  (closing last trade price) and sell 2 call Out-of-the-Money contracts of DQS HX (Aug$22.50) at $2.05 (closing bid price) expiring on 8/16/2008. Cost is $4,242, and income from sale of the calls is $397 and includes your commissions.  Annualized return if called is 201%.

Comments:

Called on August 16 at $22.50. Final value including sale of all calls is $4,877, up 15.0%.

Buy 500 shares of AMERICREDIT CORP (ACF) at $9.12  (closing last trade price) and sell 5 call Out-of-the-Money contracts of ACF HB (Aug$10.00) at $0.60 (closing bid price) expiring on 8/16/2008. Cost is $4,580, and income from sale of the calls is $283 and includes your commissions.  Annualized return if called is 200%.

Comments:

Not called on August 16. Will now sell Sep10 at $0.35. Price at $8.14 and value at $4,510 , down (1.5%) on August 16 including sale of all calls. Called on September 20 at $10.00. Final value including sale of all calls is $5,420, up 18.3%.

Buy 300 shares of YINGLI GREEN ENERGY ADS (YGE) at $16.36  (closing last trade price) and sell 3 call Out-of-the-Money contracts of YGE HW (Aug$17.50) at $1.30 (closing bid price) expiring on 8/16/2008. Cost is $4,928, and income from sale of the calls is $376 and includes your commissions.  Annualized return if called is 185%.

Comments:

Not called on August 16. Will now sell Sep17.5 at $0.80. Price at $15.64 and value at $5,293 , up 7.4% on August 16 including sale of all calls. Sold all shares at $13.55 to close out position on September 29. Final value including sale of all calls is $4,666, down (5.3%).

Buy 500 shares of SYNOVUS FINANCIAL CORP (SNV) at $9.44  (closing last trade price) and sell 5 call Out-of-the-Money contracts of SNV HB (Aug$10.00) at $0.85 (closing bid price) expiring on 8/16/2008. Cost is $4,740, and income from sale of the calls is $408 and includes your commissions.  Annualized return if called is 184%.

Comments:

Called on August 16 at $10.00. Final value including sale of all calls is $5,388, up 13.7%.

Buy 700 shares of IMMERSION CORP (IMMR) at $6.97  (closing last trade price) and sell 7 call Out-of-the-Money contracts of IMU HU (Aug$7.50) at $0.50 (closing bid price) expiring on 8/16/2008. Cost is $4,899, and income from sale of the calls is $330 and includes your commissions.  Annualized return if called is 181%.

Comments:

Exercised get-out price at $5.92 (-15%) on August 4 after buying back calls at $0.05. Final value including sale of all calls is $4,418, down (9.8%)

Income from sale of calls is +$8,135.

All positions closed out on September 20.

Cost of these ten (20) stocks is $90,016. At September 20, 2008 (expiration weekend), this list value is $99,970, up 11.1%.