Buy 400 shares of HUNTSMAN CORP (HUN) at $10.88  (closing last trade price) and sell 4 call Out-of-the-Money contracts of HUN JC (Oct$15.00) at $1.35 (closing bid price) expiring on 10/18/2008. Cost is $4,372, and income from sale of the calls is $524 and includes your commissions.  Annualized return if called is 642%.

Comments:

Not called on October 18. Will now sell Nov15 at $1.95. Price at $12.40 and value at $6,248 , up +42.9% on October 18 including sale of all calls. Not called on November 22. Will now sell Dec7.5 at $0.70. Price at $6.54 and value at $4,168 , down (4.7%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan5 at $0.20. Price at $3.46 and value at $3,000 , down (31.4%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb5 at $0.05. Price at $3.11 and value at $2,864 , down (34.5%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar2.5 at $0.20. Note that we have lowered the strike pr1ce. Price at $2.30 and value at $2,604 , down (40.4% on February 21 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Called on March 21 at $2.50. Proceeds $964 after commission. Total return including call premium is $2,664, down (39.1%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 500 shares of DELTA AIR LINES INC (DAL) at $9.67  (closing last trade price) and sell 5 call Out-of-the-Money contracts of DAL JV (Oct$12.50) at $0.50 (closing bid price) expiring on 10/18/2008. Cost is $4,855, and income from sale of the calls is $233 and includes your commissions.  Annualized return if called is 437%.

Comments:

Not called on October 18. Will now sell Nov10 at $0.75. Price at $9.19 and value at $5,185 , up +6.8% on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec7.5 at $0.80. Price at $6.82 and value at $4,383 , down (9.7%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $7.50. Proceeds $3,730 after commission. Total return including call premium is $4,703, down (3.1%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 600 shares of US AIRWAYS GROUP INC (LCC) at $7.91  (closing last trade price) and sell 6 call Out-of-the-Money contracts of LCC JB (Oct$10.00) at $0.55 (closing bid price) expiring on 10/18/2008. Cost is $4,766, and income from sale of the calls is $311 and includes your commissions.  Annualized return if called is 423%.

Comments:

Not called on October 18. Will now sell Nov10 at $0.70. Price at $7.33 and value at $5,110 , up +7.2% on October 18 including sale of all calls. Not called on November 22. Will now sell Dec5 at $0.80. Price at $4.48 and value at $3,861 , down (19.0%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $5.00. Proceeds $2,980 after commission. Total return including call premium is $4,153, down (12.9%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 400 shares of HUNTSMAN CORP (HUN) at $10.88  (closing last trade price) and sell 4 call Out-of-the-Money contracts of HUN JV (Oct$12.50) at $1.95 (closing bid price) expiring on 10/18/2008. Cost is $4,372, and income from sale of the calls is $764 and includes your commissions.  Annualized return if called is 415%.

Comments:

Not called on October 18. Will now sell Nov12.5 at $2.95. Price at $12.40 and value at $6,888 , up +57.6% on October 18 including sale of all calls. Not called on November 22. Will now sell Dec7.5 at $0.70. Price at $6.54 and value at $4,808 , up +10.0% on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan5 at $0.20. Note that we have lowered the strike price. Price at $3.46 and value at $3,640 , down (16.7%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb5 at $0.05. Price at $3.11 and value at $3,504 , down (19.8%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar2.5 at $0.20. Note that we have lowered the strike price. Price at $2.30 and value at $3,244 , down (25.8%) on February 21 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Called on March 21 at $2.50. Proceeds $964 after commission. Total return including call premium is $3,304, down (24.4%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 300 shares of UAL CORP (UAUA) at $13.24  (closing last trade price) and sell 3 call Out-of-the-Money contracts of UAL JC (Oct$15.00) at $2.05 (closing bid price) expiring on 10/18/2008. Cost is $3,992, and income from sale of the calls is $601 and includes your commissions.  Annualized return if called is 362%.

Comments:

Not called on October 18. Will now sell Nov15 at $2.50. Price at $12.28 and value at $5,020 , up +25.8% on October 18 including sale of all calls. Not called on November 22. Will now sell Dec10 at $1.40. Price at $7.67 and value at $4,043 , up +1.3% on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $10.00. Proceeds $2,980 after commission. Total return including call premium is $4,722, up +18.3%. Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 200 shares of CONTINENTAL AIRLINES (CAL) at $18.40  (closing last trade price) and sell 2 call Out-of-the-Money contracts of CAL JX (Oct$22.50) at $1.20 (closing bid price) expiring on 10/18/2008. Cost is $3,700, and income from sale of the calls is $227 and includes your commissions.  Annualized return if called is 362%.

Comments:

Not called on October 18. Will now sell Nov22.5 at $1.20. Price at $16.91 and value at $3,726 , ip +0.7% on October 18 including sale of all calls. Not called on November 22. Will now sell Dec15 at $0.80. Price at $11.30 and value at $2,751 , down (25.6%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $15.00. Proceeds $2,980 after commission. Total return including call premium is $3,581, down (3.2%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 300 shares of WESTERN REFINING INC (WNR) at $12.83  (closing last trade price) and sell 3 call Out-of-the-Money contracts of WNR JC (Oct$15.00) at $0.70 (closing bid price) expiring on 10/18/2008. Cost is $3,869, and income from sale of the calls is $196 and includes your commissions.  Annualized return if called is 279%.

Comments:

Not called on October 18. Will now sell Nov7.5 at $0.45. Price at $5.88 and value at $2,080 , down (46.2%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec7.5 at $0.60. Price at $6.70 and value at $2,492 , down (35.6%) on November 22 including sale of all calls. Called on December 20 at $7.50. Proceeds $2,230 after commission. Total return including call premium is $2,712, down (29.9%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 200 shares of SAVIENT PHARMACEUTICALS (SVNT) at $19.73  (closing last trade price) and sell 2 call Out-of-the-Money contracts of UVP JX (Oct$22.50) at $1.45 (closing bid price) expiring on 10/18/2008. Cost is $3,966, and income from sale of the calls is $277 and includes your commissions.  Annualized return if called is 267%.

Comments:

Not called on October 18. Will now sell Nov15 at $0.80. Price at $12.06 and value at $2,836 , down (28.5%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec5 at $0.10. Price at $3.38 and value at $1,087 , down (72.6%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan5 at $0.50. Price at $4.53 and value at $1,424 , down (64.1%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Called on January 17 at $5.00. Proceeds $980 after commission. Final value including sale of all calls is $1,498, down (62.2%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 700 shares of SALIX PHARMACEUTICALS (SLXP) at $6.87  (closing last trade price) and sell 7 call Out-of-the-Money contracts of PQN JU (Oct$7.50) at $0.80 (closing bid price) expiring on 10/18/2008. Cost is $4,829, and income from sale of the calls is $540 and includes your commissions.  Annualized return if called is 259%.

Comments:

Not called on October 18. Will now sell Nov7.5 at $0.90. Price at $7.38 and value at $6,315 , up +30.8% on October 18 including sale of all calls. Called on November 22 at $7.50.  Proceeds $5,230. Final value including sale of all calls is $6,379, up +32.1%. Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 200 shares of TESSERA TECHNOLOGIES (TSRA) at $17.85  (closing last trade price) and sell 2 call Out-of-the-Money contracts of TJQ JD (Oct$20.00) at $1.40 (closing bid price) expiring on 10/18/2008. Cost is $3,590, and income from sale of the calls is $267 and includes your commissions.  Annualized return if called is 246%.

Comments:

Not called on October 18. Will now sell Nov17.5 at $1.05. Price at $14.82 and value at $3,428 , down (4.5%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec17.5 at $1.45. Price at $16.08 and value at $3,957 , up +10.2% on November 22 including sale of all calls. Not called on December 20. Will now sell Jan12.5 at $1.05. Note that we have lowered the strike price. Price at $11.97 and value at $3,332 , down (7.2%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb12.5 at $0.85. Price at $11.32 and value at $3,359 , down (6.4%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar12.5 at $0.35. Price at $10.80 and value at $3,312 , down (7.7%) on February 21 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on March 21. Will now sell Apr12.5 at $1.40. Price at $12.48 and value at $3,915 , up 9.1% on March 21 including sale of all calls. Call premium ($267) will be added to proceeds below to purchase more stock and sell more calls. Called on April 18 at $12.50.  Proceeds $2,480. Final value including sale of all calls is $3,702, up +3.1%. Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 400 shares of CIT GROUP (CIT) at $11.16  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CIT JV (Oct$12.50) at $0.80 (closing bid price) expiring on 10/18/2008. Cost is $4,484, and income from sale of the calls is $304 and includes your commissions.  Annualized return if called is 238%.

Comments:

Not called on October 18. Will now sell Nov5 at $0.65. Price at $4.70 and value at $2,428 , down (45.8%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec2.5 at $0.35. Price at $1.83 and value at $1,404 , down (68.7%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $2.50. Proceeds $980 after commission. Total return including call premium is $1,652, down (63.2%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 200 shares of CONTINENTAL AIRLINES (CAL) at $18.40  (closing last trade price) and sell 2 call Out-of-the-Money contracts of CAL JD (Oct$20.00) at $1.95 (closing bid price) expiring on 10/18/2008. Cost is $3,700, and income from sale of the calls is $377 and includes your commissions.  Annualized return if called is 239%.

Comments:

Not called on October 18. Will now sell Nov20 at $1.25. Price at $16.91 and value at $3,996 , up +8.0% on October 18 including sale of all calls. Not called on November 22. Will now sell Dec15 at $0.80. Price at $11.30 and value at $3,021 , down (18.3%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $15.00. Proceeds $2,980 after commission. Total return including call premium is $3,741, up +1.1%. Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 700 shares of BEAZER HOMES USA (BZH) at $6.93  (closing last trade price) and sell 7 call Out-of-the-Money contracts of BZH JU (Oct$7.50) at $0.75 (closing bid price) expiring on 10/18/2008. Cost is $4,871, and income from sale of the calls is $505 and includes your commissions.  Annualized return if called is 237%.

Comments:

Not called on October 18. Will now sell Nov5 at $0.25. Price at $3.66 and value at $3,221 , down (33.9%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec2.5 at $0.05. Price at $1.29 and value at $1,577 , down (67.6%) on November 22 including sale of all calls. Note that we have lowered the strike price. Not called on December 20. Will now sell Jan2.5 at $0.10. Price at $1.65 and value at $1,878 , down (61.4%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb2.5 at $0.05. Price at $1.29 and value at $1,641 , down (66.3%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Sold all shares at $0.55 to close out position on February 21.Proceeds $365 after commission.Total return including call premium is $1,123, down (77.0%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 400 shares of NORTHWEST AIRLINES CORP (NWA) at $11.53  (closing last trade price) and sell 4 call Out-of-the-Money contracts of NWA JV (Oct$12.50) at $1.10 (closing bid price) expiring on 10/18/2008. Cost is $4,632, and income from sale of the calls is $424 and includes your commissions.  Annualized return if called is 223%.

Comments:

Not called on October 18. Will now sell Nov12.5 at $0.80. Price at $11.03 and value at $5,140 , up +11.0% on October 18 including sale of all calls. NWA was acquired by DAL. Not called on November 22. Will now sell Dec7.5 at $0.80. Price at $8.82 and value at $3,760 , down (18.8%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $7.50. Proceeds $2,980 after commission. Total return including call premium is $4,012, down (13.4%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 300 shares of A-POWER ENERGY GENERATIO (APWR) at $13.75  (closing last trade price) and sell 3 call Out-of-the-Money contracts of UQR JC (Oct$15.00) at $1.20 (closing bid price) expiring on 10/18/2008. Cost is $4,145, and income from sale of the calls is $346 and includes your commissions.  Annualized return if called is 220%.

Comments:

Not called on October 18. Will now sell Nov7.5 at $0.55. Price at $5.27 and value at $2,077 , down (49.9%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec5 at $0.15. Price at $3.45 and value at $1,562 , down (62.3%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $5.00. Proceeds $1,480 after commission. Total return including call premium is $2,007, down (51.6%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 300 shares of YINGLI GREEN ENERGY ADS (YGE) at $13.55  (closing last trade price) and sell 3 call Out-of-the-Money contracts of YGE JC (Oct$15.00) at $0.75 (closing bid price) expiring on 10/18/2008. Cost is $4,085, and income from sale of the calls is $211 and includes your commissions.  Annualized return if called is 200%.

Comments:

Not called on October 18. Will now sell Nov7.5 at $0.40. Price at $5.72 and value at $2,032 , down (50.3%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec5 at $0.20. Price at $3.89 and value at $1,229 , down (69.9%) on November 22 including sale of all calls. Called on December 20 at $5.00. Proceeds $1,430 after commission. Total return including call premium is $1,841, down (54.9%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 400 shares of JABIL CIRCUIT INC (JBL) at $11.24  (closing last trade price) and sell 4 call Out-of-the-Money contracts of JBL JV (Oct$12.50) at $0.55 (closing bid price) expiring on 10/18/2008. Cost is $4,516, and income from sale of the calls is $204 and includes your commissions.  Annualized return if called is 199%.

Comments:

Not called on October 18. Will now sell Nov7.5 at $0.80. Price at $7.39 and value at $3,464 , down (23.3%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec7.5 at $0.25. Price at $5.39 and value at $2,748 , down (39.1%) on November 22 including sale of all calls. Not called on December 20. Will now sell Jan7.5 at $0.20. Price at $6.32 and value at $3,184 , down (29.5%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb7.5 at $0.05. Price at $5.92 and value at $3,028 , down (30.7%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Sold all shares at $5.19 to close out position on February 21.Proceeds $2,056 after commission. Total return including call premium is $2,736, down (39.4%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 400 shares of CIENA CORP (CIEN) at $11.28  (closing last trade price) and sell 4 call Out-of-the-Money contracts of EUQ JV (Oct$12.50) at $0.50 (closing bid price) expiring on 10/18/2008. Cost is $4,532, and income from sale of the calls is $184 and includes your commissions.  Annualized return if called is 188%.

Comments:

Not called on October 18. Will now sell Nov10 at $0.30. Price at $7.73 and value at $3,380 , down (25.4%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec7.5 at $0.20. Price at $5.77 and value at $2,660 , down (41.3%) on November 22 including sale of all calls. Not called on December 20. Will now sell Jan7.5 at $0.45. Price at $6.71 and value at $3,200 , down (29.4%) on December 20 including sale of all calls. Call premium will be added proceeds below to purchase more stock and sell more calls. Not called on January 17. Will now sell Feb7.5 at $0.75. Price at $7.25 and value at $3,700 , down (18.4%) on January 17 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on February 21. Will now sell Mar7.5 at $0.10. Price at $5.34 and value at $2,960 , down (32.2%) on February 21 including sale of all calls. Call premium will be added to proceeds below to purchase more stock and sell more calls. Not called on March 21. Will now sell Apr7.5 at $0.35. Price at $6.75 and value at $2,700 , down (19.5%) on March 21 including sale of all calls. Call premium ($124) will be added to proceeds below to purchase more stock and sell more calls. Called on April 18 at $7.50.  Proceeds $2,980. Final value including sale of all calls is $3,928, down (13.3%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 200 shares of EXCO RESOURCES INC (XCO) at $21.00  (closing last trade price) and sell 2 call Out-of-the-Money contracts of XCO JX (Oct$22.50) at $1.65 (closing bid price) expiring on 10/18/2008. Cost is $4,220, and income from sale of the calls is $317 and includes your commissions.  Annualized return if called is 184%.

Comments:

Not called on October 18. Will now sell Nov10 at $1.40. Price at $9.35 and value at $2,454 , down (41.8%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec7.5 at $0.30. Price at $5.09 and value at $1,649 , down (60.9%) on November 22 including sale of all calls. Called on December 20 at $7.50. Proceeds $1,480 after commission. Total return including call premium is $2,111, down (50.0%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 200 shares of AMYLIN PHARMACEUTICALS (AMLN) at $21.47  (closing last trade price) and sell 2 call Out-of-the-Money contracts of AQM JX (Oct$22.50) at $1.85 (closing bid price) expiring on 10/18/2008. Cost is $4,314, and income from sale of the calls is $357 and includes your commissions.  Annualized return if called is 164%.

Comments:

Not called on October 18. Will now sell Nov15 at $0.95. Price at $12.61 and value at $3,156 , down (29.2%) on October 18 including sale of all calls. Note that we have lowered the strike price. Not called on November 22. Will now sell Dec7.5 at $0.50. Price at $6.05 and value at $1,831 , down (57.6%) on November 22 including sale of all calls. Note that we have lowered the strike price. Called on December 20 at $7.50. Proceeds $1,480 after commission. Total return including call premium is $2,101, down (51.3%). Proceeds will be used to purchase more stock and sell more calls. See below.

Buy 800 shares of CYPRESS BIOSCIENCE INC (CYPB) at $5.93  (closing last trade price) and sell 8 call Out-of-the-Money contracts of QGY AU (Jan$7.50) at $0.75 (closing bid price) expiring on 1/17/2009. Cost is $4,764, and income from sale of the calls is $578 and includes your commissions.  Annualized return if called is 479%. Cash balance $35,187 minus $4,764 (cost) plus $578 (premium) is $31,001.

Comments:

Buy 100 shares of AMAG PHARMACEUTICALS INC (AMAG) at $32.27  (closing last trade price) and sell 1 call Out-of-the-Money contracts of AVM AH (Jan$40.00) at $4.50 (closing bid price) expiring on 1/17/2009. Cost is $3,247, and income from sale of the calls is $439 and includes your commissions.  Annualized return if called is 462%. RISKY Cash balance $31,001 minus $4,764 (cost) plus $439 (premium) is $26,676.

Comments:

Buy 700 shares of SANDRIDGE ENERGY INC (SD) at $6.36  (closing last trade price) and sell 7 call Out-of-the-Money contracts of SD AU (Jan$7.50) at $0.50 (closing bid price) expiring on 1/17/2009. Cost is $4,472, and income from sale of the calls is $330 and includes your commissions.  Annualized return if called is 312%. Cash balance $26,676 minus $4,472 (cost) plus $330 (premium) is $22,534.

Comments:

Buy 300 shares of JAMES RIVER COAL COMPANY (JRCC) at $12.99  (closing last trade price) and sell 3 call Out-of-the-Money contracts of JQM AC (Jan$15.00) at $1.35 (closing bid price) expiring on 1/17/2009. Cost is $3,917, and income from sale of the calls is $391 and includes your commissions.  Annualized return if called is 313%. Cash balance $22,534 minus $3,917 (cost) plus $391 (premium) is $19,008.

Comments:

Buy 400 shares of INTERMUNE INC (ITMN) at $11.60  (closing last trade price) and sell 4 call Out-of-the-Money contracts of IQY AV (Jan$12.50) at $2.00 (closing bid price) expiring on 1/17/2009. Cost is $4,660, and income from sale of the calls is $784 and includes your commissions.  Annualized return if called is 304%. RISKY  Cash balance $19,008 minus $4,660 (cost) plus $784 (premium) is $15,132.

Comments:

Buy 500 shares of EXCO RESOURCES INC (XCO) at $8.70  (closing last trade price) and sell 5 call Out-of-the-Money contracts of XCO AB (Jan$10.00) at $0.75 (closing bid price) expiring on 1/17/2009. Cost is $4,370, and income from sale of the calls is $358 and includes your commissions.  Annualized return if called is 285%. Cash balance $15,132 minus $4,370 (cost) plus $358 (premium) is $11,120.

Comments:

Buy 400 shares of UAL CORP (UAUA) at $11.09  (closing last trade price) and sell 4 call Out-of-the-Money contracts of UAL AV (Jan$12.50) at $1.15 (closing bid price) expiring on 1/17/2009. Cost is $4,456, and income from sale of the calls is $444 and includes your commissions.  Annualized return if called is 279%. Cash balance $11,120 minus $4,456 (cost) plus $444 (premium) is $7,108.

Comments:

Buy 300 shares of MERITAGE HOME CORP (MTH) at $14.41  (closing last trade price) and sell 3 call Out-of-the-Money contracts of MTH AC (Jan$15.00) at $1.75 (closing bid price) expiring on 1/17/2009. Cost is $4,343, and income from sale of the calls is $511 and includes your commissions.  Annualized return if called is 194%. Cash balance $7,108 minus $4,343 (cost) plus $511 (premium) is $3,276.

Comments:

Buy 400 shares of CENTEX CORP (CTX) at $11.59  (closing last trade price) and sell 4 call Out-of-the-Money contracts of CTX AV (Jan$12.50) at $1.10 (closing bid price) expiring on 1/17/2009. Cost is $4,656, and income from sale of the calls is $424 and includes your commissions.  Annualized return if called is 208%. Cash balance $3,276 minus $4,656 (cost) plus $424 (premium) is -$956  which will be held as cash in the list balance.

Comments:

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%.

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%.

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%.

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%.

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 214%. Cash balance $38,438 minus $4,792 (cost) plus $524 (premium) is $34,170.

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 212%. Cash balance $34,170 minus $4,306 (cost) plus $457 (premium) is $30,321.

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 241%. Cash balance $30,321 minus $4,822 (cost) plus $400 (premium) is $25,899.

Buy 500 shares of PRINCIPAL FINANCIAL GRP (PFG) at $9.34  (closing last trade price) and sell 5 call Out-of-the-Money contracts of PFG CB (Mar$10.00) at $1.30 (closing bid price) expiring on 3/21/2009. Cost is $4,690, and income from sale of the calls is $633 and includes your commissions.  Annualized return if called is 294%. Cash balance $25,899 minus $4,690 (cost) plus $633 (premium) is $21,842.

Buy 300 shares of AFLAC INC (AFL) at $15.80  (closing last trade price) and sell 3 call Out-of-the-Money contracts of AFL CW (Mar$17.50) at $1.55 (closing bid price) expiring on 3/21/2009. Cost is $4,760, and income from sale of the calls is $451 and includes your commissions.  Annualized return if called is 289%. Cash balance $21,842 minus $4,760 (cost) plus $451 (premium) is $17,533.

Buy 300 shares of DIREXION SHRS SML BLL 3X (TNA) at $16.31  (closing last trade price) and sell 3 call Out-of-the-Money contracts of TNA CD (Mar$20.00) at $1.35 (closing bid price) expiring on 3/21/2009. Cost is $4,914, and income from sale of the calls is $391 and includes your commissions.  Annualized return if called is 439%. Cash balance $17,533 minus $4,914 (cost) plus $391 (premium) is $13,010.

Buy 600 shares of CONTINENTAL AIRLINES (CAL) at $8.10  (closing last trade price) and sell 6 call Out-of-the-Money contracts of CAL DB (Apr$10.00) at $0.50 (closing bid price) expiring on 4/18/2009. Cost is $4,880, and income from sale of the calls is $281 and includes your commissions.  Annualized return if called is 361%. Cash balance $27,242 minus $4,880 (cost) plus $281 (premium) is $22,643.