Buy 600 shares of UAL CORP (UAUA) at $7.67  (closing last trade price) and sell 6 call Out-of-the-Money contracts of UAL LC (Dec$15.00) at $0.55 (closing bid price) expiring on 12/20/2008. Cost is $4,622, and income from sale of the calls is $311 and includes your commissions.  Annualized return if called is 1,322%.

Comments:

Not called on December 20. Will now sell Jan15 at $0.55. Price at $11.09 and value at $7,276 , up 57.4% on December 20 including sale of all calls. Not called on January 17.  Sold all shares at $11.95 to close out position on January 17. Proceeds $7,150 after commission. Final value including sale of all calls is $7,792, up 68.6%

Buy 600 shares of UAL CORP (UAUA) at $7.67  (closing last trade price) and sell 6 call Out-of-the-Money contracts of UAL LV (Dec$12.50) at $0.90 (closing bid price) expiring on 12/20/2008. Cost is $4,622, and income from sale of the calls is $521 and includes your commissions.  Annualized return if called is 959%.

Comments:

Not called on December 20. Will now sell Jan12.5 at $1.15. Price at $11.09 and value at $7,864 , up 69.8% on December 20 including sale of all calls. Not called on January 17.  Sold all shares at $11.95 to close out position on January 17. Proceeds $7,150 after commission. Final value including sale of all calls is $8,362, up 80.9%

Buy 600 shares of UAL CORP (UAUA) at $7.67  (closing last trade price) and sell 6 call Out-of-the-Money contracts of UAL LB (Dec$10.00) at $1.40 (closing bid price) expiring on 12/20/2008. Cost is $4,622, and income from sale of the calls is $821 and includes your commissions.  Annualized return if called is 620%.

Comments:

Called on December 20 at $10.00. Proceeds $5,980 after commission. Final value including sale of all calls is $6,801, up 47.1%.

Buy 900 shares of CENTEX CORP (CTX) at $5.51  (closing last trade price) and sell 9 call Out-of-the-Money contracts of CTX LU (Dec$7.50) at $0.55 (closing bid price) expiring on 12/20/2008. Cost is $4,979, and income from sale of the calls is $472 and includes your commissions.  Annualized return if called is 587%.

Comments:

Called on December 20 at $7.50. Proceeds $6,730 after commission. Final value including sale of all calls is $7,202, up 44.6%.

Buy 200 shares of METLIFE INC (MET) at $18.48  (closing last trade price) and sell 2 call Out-of-the-Money contracts of MET LE (Dec$25.00) at $1.40 (closing bid price) expiring on 12/20/2008. Cost is $3,716, and income from sale of the calls is $267 and includes your commissions.  Annualized return if called is 544%.

Comments:

Called on December 20 at $25.00. Proceeds $4,980 after commission. Final value including sale of all calls is $5,247, up 41.2%.

Buy 400 shares of CONTINENTAL AIRLINES (CAL) at $11.30  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CAL LC (Dec$15.00) at $0.80 (closing bid price) expiring on 12/20/2008. Cost is $4,540, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 507%.

Comments:

Called on December 20 at $15.00. Proceeds $5,980 after commission.  Final value including sale of all calls is $6,284, up 38.4%.

Buy 800 shares of JAMES RIVER COAL COMPANY (JRCC) at $5.98  (closing last trade price) and sell 8 call Out-of-the-Money contracts of JQM LU (Dec$7.50) at $0.85 (closing bid price) expiring on 12/20/2008. Cost is $4,804, and income from sale of the calls is $658 and includes your commissions.  Annualized return if called is 503%.

Comments:

Called on December 20 at $7.50. Proceeds $5,980 after commission. Final value including sale of all calls is $6,638, up 38.2%.

Buy 200 shares of SUNTRUST BANKS INC (STI) at $22.45  (closing last trade price) and sell 2 call Out-of-the-Money contracts of STI LF (Dec$30.00) at $1.25 (closing bid price) expiring on 12/20/2008. Cost is $4,510, and income from sale of the calls is $237 and includes your commissions.  Annualized return if called is 499%.

Comments:

Not called on December 20. Will now sell Dec30 at $2.40. Price at $29.19 value at $6,542 , up 45.1% on December 20 including sale of all calls. Not called on January 17.  Sold all shares at $19.94 to close out position on January 17. Proceeds $3,968 after commission.  Final value including sale of all calls is $4,692, up 4.0%

Buy 200 shares of METLIFE INC (MET) at $18.48  (closing last trade price) and sell 2 call Out-of-the-Money contracts of MET LX (Dec$22.50) at $2.15 (closing bid price) expiring on 12/20/2008. Cost is $3,716, and income from sale of the calls is $417 and includes your commissions.  Annualized return if called is 421%.

Comments:

Called on December 20 at $22.50. Proceeds $4,480 after commission. Final value including sale of all calls is $4,897, up 31.8%.

Buy 800 shares of AMYLIN PHARMACEUTICALS (AMLN) at $6.05  (closing last trade price) and sell 8 call Out-of-the-Money contracts of AQM LU (Dec$7.50) at $0.50 (closing bid price) expiring on 12/20/2008. Cost is $4,860, and income from sale of the calls is $378 and includes your commissions.  Annualized return if called is 407%.

Comments:

Called on December 20 at $7.50. Proceeds $5,980 after commission. Final value including sale of all calls is $6,358, up 30.8%.

Buy 400 shares of NABORS INDUSTRIES LTD (NBR) at $11.85  (closing last trade price) and sell 4 call Out-of-the-Money contracts of NBR LC (Dec$15.00) at $0.60 (closing bid price) expiring on 12/20/2008. Cost is $4,760, and income from sale of the calls is $224 and includes your commissions.  Annualized return if called is 401%.

Comments:

Not called on December 20. Will now sell Dec15 at $0.15. Price at $11.23 and value at $4,760 , flat 0.0% on December 20 including sale of all calls. Not called on January 17.  Sold all shares at $11.29 to close out position on January 17. Proceeds $4,496 after commission. Final value including sale of all calls is $4,784, up 0.5%

Buy 300 shares of PETROHAWK ENERGY CORP (HK) at $13.97  (closing last trade price) and sell 3 call Out-of-the-Money contracts of HK LW (Dec$17.50) at $0.80 (closing bid price) expiring on 12/20/2008. Cost is $4,211, and income from sale of the calls is $226 and includes your commissions.  Annualized return if called is 392%.

Comments:

Not called on December 20. Will now sell Dec17.5 at $1.05. Price at $15.77 and value at $5,257 , up 24.8% on December 20 including sale of all calls. Called on January 17 at $17.50. Proceeds $5,230 after commission. Final value including sale of all calls is $5,765, up 36.7%.

Buy 400 shares of CROWN CASTLE INTL CORP (CCI) at $10.19  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CCI LV (Dec$12.50) at $0.80 (closing bid price) expiring on 12/20/2008. Cost is $4,096, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 384%.

Comments:

Called on December 20 at $12.50. Proceeds $4,980 after commission. Final value including sale of all calls is $5,284, up 29.0%.

Buy 600 shares of SILVER STANDARD RESOURCE (SSRI) at $8.25  (closing last trade price) and sell 6 call Out-of-the-Money contracts of IZU LB (Dec$10.00) at $0.75 (closing bid price) expiring on 12/20/2008. Cost is $4,970, and income from sale of the calls is $431 and includes your commissions.  Annualized return if called is 383%.

Comments:

Called on December 20 at $10.00. Proceeds $5,980 after commission. Final value including sale of all calls is $6,411, up 29.0%.

Buy 200 shares of INTERDIGITAL INC (IDCC) at $20.76  (closing last trade price) and sell 2 call Out-of-the-Money contracts of DAQ LE (Dec$25.00) at $1.75 (closing bid price) expiring on 12/20/2008. Cost is $4,172, and income from sale of the calls is $337 and includes your commissions.  Annualized return if called is 364%.

Comments:

Called on December 20 at $25.00. Proceeds $4,980 after commission. Final value including sale of all calls is $5,317, up 27.4%.

Buy 700 shares of AUTONATION INC (AN) at $6.45  (closing last trade price) and sell 7 call Out-of-the-Money contracts of AN LU (Dec$7.50) at $0.70 (closing bid price) expiring on 12/20/2008. Cost is $4,535, and income from sale of the calls is $470 and includes your commissions.  Annualized return if called is 341%.

Comments:

Called on December 20 at $7.50. Proceeds $5,230 after commission. Final value including sale of all calls is $5,670, up 25.7%.

Buy 200 shares of BB&T CORP (BBT) at $24.71  (closing last trade price) and sell 2 call Out-of-the-Money contracts of BBT LF (Dec$30.00) at $1.25 (closing bid price) expiring on 12/20/2008. Cost is $4,962, and income from sale of the calls is $237 and includes your commissions.  Annualized return if called is 335%.

Comments:

Not called on December 20. Will now sell Dec30 at $0.90. Price at $27.40 and value at $5,884 , up 18.6% on December 20 including sale of all calls. Exercised get-out price at $21.00 (-15%) on January 15 after buying back calls at $0.05. Proceeds $4,180 after commission and call buy back. Final value including sale of all calls is $4,581, down (7.7%).

Buy 700 shares of SLM CORP (SLM) at $6.44  (closing last trade price) and sell 7 call Out-of-the-Money contracts of SLM LU (Dec$7.50) at $0.60 (closing bid price) expiring on 12/20/2008. Cost is $4,528, and income from sale of the calls is $400 and includes your commissions.  Annualized return if called is 323%.

Comments:

Called on December 20 at $7.50. Proceeds $5,230 after commission. Final value including sale of all calls is $5,630, up 24.3%.

Buy 700 shares of HUNTSMAN CORP (HUN) at $6.54  (closing last trade price) and sell 7 call Out-of-the-Money contracts of HUN LU (Dec$7.50) at $0.70 (closing bid price) expiring on 12/20/2008. Cost is $4,598, and income from sale of the calls is $470 and includes your commissions.  Annualized return if called is 318%.

Comments:

Exercised get-out price at $5.56 (-15%) on December 11 after buying back calls at $0.05. Proceeds $3,820 after commission and call buy back. Final value including sale of all calls is $4,306, down (6.3%).

Buy 400 shares of GUESS? INC (GES) at $10.88  (closing last trade price) and sell 4 call Out-of-the-Money contracts of GES LV (Dec$12.50) at $1.10 (closing bid price) expiring on 12/20/2008. Cost is $4,372, and income from sale of the calls is $424 and includes your commissions.  Annualized return if called is 314%.

Comments:

Called on December 20 at $12.50. Proceeds $4,980 after commission. Final value including sale of all calls is $5,404, up 23.6%.

Income from sale of calls is +$9,790.

All positions closed out on January 17, 2009.

Cost of these ten (20) stocks is $90,194. At January 17, 2009 (expiration weekend), this list value is $117,447, up 30.2%. The NASDAQ was up 10.5% for the period this list was open.