Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 Oct

 Option Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

MERITAGE HOMES CORP

MTH

$16.66

500

$8,350

MTHJW

$1.05

$508

17.5

11%

Comments:

Exercised get-out price at $14.16 on September 26 after calling back calls at $0.05.

IVANHOE MINES LTD

IVN

$11.79

800

$9,452

IVNJV

$0.60

$458

12.5

11%

Comments:

Called in October at $12.50.

CYBERONICS INC.

CYBX

$14.04

700

$9,848

QAJJC

$0.55

$365

15

11%

Comments:

Not called in October. Price at $14.12 on 10/20/2007. Will now sell Nov15 at $1.90. Exercised get-out price at $10.03 after buying back calls at $0.05.

COLDWATER CREEK INC.

CWTR

$11.80

800

$9,460

UCJJV

$0.55

$418

12.5

11%

Comments:

Exercised get-out price at $10.03 on October 12 after buying back calls at $0.05.

ENZO BIOCHEM INC.

ENZ

$11.96

800

$9,588

ENZJV

$0.65

$498

12.5

10%

Comments:

Not called in October. Price at $12.44 on 10/20/2007. Will now sell Nov12.5 at $0.70. Not called in November. Sold all shares at $10.35 after expiration to close out position.

XMSR

$14.21

700

$9,967

QSYJC

$0.60

$400

15

10%

Comments:

Called in October at $15.00.

RYLAND GROUP INC

RYL

$23.98

400

$9,612

RYLJE

$1.25

$484

25

9%

Comments:

Not called in October. Price at $23.91 on 10/20/2007. Will now sell Nov25 at $1.40. Called in November at $25.00

ENERGY CONVERSION

ENER

$24.14

400

$9,676

EQIJE

$1.10

$424

25

8%

Comments:

Called in October at $25.00.

AMR CORPORATION

AMR

$24.26

400

$9,724

AMRJE

$1.00

$384

25

7%

Comments:

Not called in October. Price at $23.16 on 10/20/2007. Will now sell Nov25 at $0.85. Exercised get-out price at $20.62 (-15%) on November 8 after buying back calls at $0.05.

IMMERSION CORPORATION

IMMR

$14.72

600

$8,854

IMUJC

$0.75

$431

15

7%

Comments:

Called in October at $15.00.

Income from sale of calls is +$6,931.

All positions closed out in November. Cost of these ten (10) stocks is $94,529. Return from premiums and appreciation is up +$1,986. Real return is +2.1% ($1,986/$94,529).