Covered Call Analyzer from Investment Enhancing Systems, Inc.

The Covered Call Analyzer

$100,0000 Retirement Portfolio Trades for December 19, 2009 and closed out on January 16, 2010

This is a rolling portfolio and we will look at open positions and make new trades using monies from called and sold positions each month on expiration weekend. The statements starting "Buy...." is what the Covered Call Analyzer tells you to do after finding the best buy/writes and calculating the values.
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Income* Cost*
Balance

From December:

$8,489

From Conservative "Stocks-to-Consider" for August 22, 2009 and putting $10,000 into the money available field.

Buy 700 shares of CHINA UNICOM (HK) LTD (CHU) at $14.18 (closing last trade price) and sell 7 call Out-of-the-Money contracts of CHU IC (Sep$15.00) at $0.45 (closing bid price) expiring on 9/19/2009. Cost is $9,946, and income from sale of the calls is $295 and includes your commissions. Annualized return if called is 111%. Not called on September 19. Will now sell Oct15 at $0.55. Price at $14.70 and value at $10,949,up 11.8% including sale of all calls. Not called on October 17. Will now sell Nov15 at $0.30. Price at $14.06 and value at $10,866,up 9.2% including sale of all calls. Not called on November 21. Will now sell Dec15 at $0.15. Price at $13.57 and value at $10,432,up 4.9% including sale of all calls. Not called on December 19. Price at $12.67 and value at $9,802, down (1.4%)including sale of all calls. Sold all shares at $12.67 on December 19 to close out position. Proceeds $8,849 after commission.
$8,489

From Conservative "Stocks-to-Consider" for September 19, 2009 and putting $10,000 into the money available field.

Buy 1400 shares of PRECISION DRILLING TR UN (PDS) at $7.06 (closing last trade price) and sell 14 call Out-of-the-Money contracts of PDS JU (Oct$7.50) at $0.25 (closing bid price) expiring on 10/17/2009. Cost is $9,904, and income from sale of the calls is $319 and includes your commissions. Annualized return if called is 116%. Not called on October 17. Will now sell Nov7.5 at $0.25. Price at $6.92 and value at $10,326,up 4.3% including sale of all calls. Not called on November 21. Will now sell Dec7.5 at $0.25. Price at $6.84 and value at $10,533,up 6.4% including sale of all calls. Not called on December 19. Will now sell Jan7.5 at $0.25. Price at $7.27 and value at $11,454, up 15.7% including sale of all calls. Called on January 16 at $7.50. Proceeds $10,480 after commission. Total return including call premium is $11,756, up 18.7%.

$18,969

Buy 200 shares of SL GREEN REALTY CORP (SLG) at $43.19 (closing last trade price) and sell 2 call Out-of-the-Money contracts of SLG JI (Oct$45.00) at $1.75 (closing bid price) expiring on 10/17/2009. Cost is $8,658, and income from sale of the calls is $337 and includes your commissions. Annualized return if called is 99% .Not called on October 17. Will now sell Nov45 at $2.95. Price at $44.02 and value at $9,718,up 12.2% including sale of all calls. Not called on November 21. Will now sell Dec45 at $2.45. Price at $44.98 and value at $10,387,up 20.0% including sale of all calls. Called on December 19 at $45.00. Proceeds $9,980 after commission. Total return including call premium is $10,371, up 19.8%.
$18,969

From Conservative "Stocks-to-Consider" for October 17, 2009 and putting $10,000 into the money available field.

Buy 1100 shares of HUNTSMAN CORP (HUN) at $9.01 (closing last trade price) and sell 11 call Out-of-the-Money contracts of HUN KB (Nov$10.00) at $0.35 (closing bid price) expiring on 11/21/2009. Cost is $9,931, and income from sale of the calls is $359 and includes your commissions. Annualized return if called is 146%. Not called on November 21. Will now sell Dec10 at $0.10. Price at $8.77 and value at $10,089,up 1.6% including sale of all calls. Called on December 19 at $10.00. Proceeds $10,980 after commission. Total return including call premium is $11,422, up 15.0%.
$18,969

Buy 200 shares of BADGER METER INC (BMI) at $39.11 (closing last trade price) and sell 2 call Out-of-the-Money contracts of BMI KH (Nov$40.00) at $2.15 (closing bid price) expiring on 11/21/2009. Cost is $7,842, and income from sale of the calls is $417 and includes your commissions. Annualized return if called is 74%. Not called on November 21. Will now sell Dec40 at $0.50. Price at $36.54 and value at $7,812,down (0.4%). including sale of all calls. Not called on December 19. Will now sell Jan40 at $0.75. Price at $39.00 and value at $8,441,up 7.6% including sale of all calls. Called on January 16 at $40.00. Proceeds $7,980 after commission. Total return including call premium is $8,621, up 9.9%.
$26,949

From Conservative "Stocks-to-Consider" for November 21, 2009 and putting $10,000 into the money available field.

Buy 200 shares of PRE-PAID LEGAL SVCS INC (PPD) at $37.22 (closing last trade price) and sell 2 call Out-of-the-Money contracts of PPD LH (Dec$40.00) at $1.05 (closing bid price) expiring on 12/19/2009. Cost is $7,464, and income from sale of the calls is $197 and includes your commissions. Annualized return if called is 128% . Called on December 19 at $40.00. Proceeds $7,980 after commission. Total return including call premium is $8,177, up 9.6%.
$26,949

Buy 600 shares of AMERICAN EAGLE OUTFITTER (AEO) at $14.62 (closing last trade price) and sell 6 call Out-of-the-Money contracts of AEO LC (Dec$15.00) at $0.70 (closing bid price) expiring on 12/19/2009. Cost is $8,792, and income from sale of the calls is $401 and includes your commissions. Annualized return if called is 90%. Called on December 19 at $15.00. Proceeds $8,980 after commission. Total return including call premium is $9,381, up 6.7%.
$26,949

Buy 300 shares of FRONTLINE LTD (FRO) at $26.63 (closing last trade price) and sell 3 call Out-of-the-Money contracts of FRO LY (Dec$27.50) at $1.05 (closing bid price) expiring on 12/19/2009. Cost is $8,009, and income from sale of the calls is $301 and includes your commissions. Annualized return if called is 88%. Called on December 19 at $27.50. Proceeds $8,230 after commission. Total return including call premium is $8,531, up 6.5%.
$26,949

Buy 500 shares of UNUM GROUP (UNM) at $19.08 (closing last trade price) and sell 5 call Out-of-the-Money contracts of UNM LD (Dec$20.00) at $0.40 (closing bid price) expiring on 12/19/2009. Cost is $9,560, and income from sale of the calls is $183 and includes your commissions. Annualized return if called is 85%. Not called on December 19. Will now sell Jan20 at $0.30. Price at $19.15 and value at $9,890,up 3.5% including sale of all calls. Called on January 16 at $20.00. Proceeds $9,980 after commission. Total return including call premium is $1,295, up 7.7%.
$36,929

Buy 400 shares of CA INC (CA) at $21.86 (closing last trade price) and sell 4 call Out-of-the-Money contracts of CA LX (Dec$22.50) at $0.50 (closing bid price) expiring on 12/19/2009. Cost is $8,764, and income from sale of the calls is $184 and includes your commissions. Annualized return if called is 62%. Called on December 19 at $22.50. Proceeds $8,980 after commission. Total return including call premium is $9,164, up 4.6%.
$36,929

Buy 200 shares of MEAD JOHNSON NUTRITION (MJN) at $44.31 (closing last trade price) and sell 2 call Out-of-the-Money contracts of MJN LI (Dec$45.00) at $1.00 (closing bid price) expiring on 12/19/2009. Cost is $8,882, and income from sale of the calls is $187 and includes your commissions. Annualized return if called is 45%.Not called on December 19. Price at $41.50 and value at $8,487, down (4.4%)including sale of all calls. Sold all shares at $41.50 on December 19 to close out position. Proceeds $8,280 after commission.
$36,929

Buy 200 shares of TIDEWATER INC (TDW) at $44.48 (closing last trade price) and sell 2 call Out-of-the-Money contracts of TDW LI (Dec$45.00) at $1.15 (closing bid price) expiring on 12/19/2009. Cost is $8,916, and income from sale of the calls is $217 and includes your commissions. Annualized return if called is 44%. Called on December 19 at $45.00. Proceeds $8,980 after commission. Total return including call premium is $9,197, up 3.2%.
$36,929

From Conservative "Stocks-to-Consider" for December 19, 2009 and putting $10,000 into the money available field.

Buy 300 shares of COMPANIA DE MINAS BUENA (BVN) at $32.87 (closing last trade price) and sell 3 call Out-of-the-Money contracts of BVN AG (Jan$35.00) at $0.85 (closing bid price) expiring on 1/16/2010. Cost is $9,881, and income from sale of the calls is $241 and includes your commissions. Annualized return if called is 110%. Called on January 16 at $35.00. Proceeds $10,480 after commission. Total return including call premium is $10,721, up 8.5%.
$47,409

Buy 300 shares of CASH AMERICA INTERNAT (CSH) at $32.93 (closing last trade price) and sell 3 call Out-of-the-Money contracts of CSH AG (Jan$35.00) at $0.45 (closing bid price) expiring on 1/16/2010. Cost is $9,899, and income from sale of the calls is $121 and includes your commissions. Annualized return if called is 92%. Called on January 16 at $35.00. Proceeds $10,480 after commission. Total return including call premium is $10,601, up 7.1%.
$57,889

Buy 800 shares of ASTORIA FINANCIAL CORP (AF) at $11.86 (closing last trade price) and sell 8 call Out-of-the-Money contracts of AF AV (Jan$12.50) at $0.25 (closing bid price) expiring on 1/16/2010. Cost is $9,508, and income from sale of the calls is $178 and includes your commissions. Annualized return if called is 89%. Called on January 16 at $12.50. Proceeds $9,980 after commission. Total return including call premium is $10,158, up 6.8%.
$67,869

Buy 200 shares of GUESS? INC (GES) at $42.64 (closing last trade price) and sell 2 call Out-of-the-Money contracts of GES AI (Jan$45.00) at $0.80 (closing bid price) expiring on 1/16/2010. Cost is $8,548, and income from sale of the calls is $147 and includes your commissions. Annualized return if called is 88%. Not called on January 16. Price at $42.29 and value at $8,605,up 0.7% including sale of all calls. Sold all shares at $42.29 on January 16 to close out position. Proceeds $8,438 after commission.
$76,307

Buy 500 shares of PROTECTIVE LIFE CORP (PL) at $17.00 (closing last trade price) and sell 5 call Out-of-the-Money contracts of PL AW (Jan$17.50) at $0.70 (closing bid price) expiring on 1/16/2010. Cost is $8,520, and income from sale of the calls is $333 and includes your commissions. Annualized return if called is 83%. Called on January 16 at $17.50. Proceeds $8,730 after commission. Total return including call premium is $9,063, up 6.4%.
$85,037

Buy 300 shares of CAL-MAINE FOODS INC (CALM) at $28.49 (closing last trade price) and sell 3 call Out-of-the-Money contracts of QKM AF (Jan$30.00) at $0.50 (closing bid price) expiring on 1/16/2010. Cost is $8,567, and income from sale of the calls is $136 and includes your commissions. Annualized return if called is 84%. Called on January 16 at $30.00. Proceeds $8,980 after commission. Total return including call premium is $9,116, up 6.4%.
$94,017

Buy 600 shares of APOGEE ENTERPRISES INC (APOG) at $14.38 (closing last trade price) and sell 6 call Out-of-the-Money contracts of QJA AC (Jan$15.00) at $0.30 (closing bid price) expiring on 1/16/2010. Cost is $8,648, and income from sale of the calls is $161 and includes your commissions. Annualized return if called is 75%. Called on January 16 at $15.00. Proceeds $8,980 after commission. Total return including call premium is $9,141, up 5.7%.
$102,977

Buy 500 shares of DYNAMIC MATERIALS CORP (BOOM) at $19.42 (closing last trade price) and sell 5 call Out-of-the-Money contracts of QCB AD (Jan$20.00) at $0.65 (closing bid price) expiring on 1/16/2010. Cost is $9,730, and income from sale of the calls is $308 and includes your commissions. Annualized return if called is 75%. Not called on January 16. Price at $19.92 and value at $10,268,up 5.5% including sale of all calls. Sold all shares at $19.92 on January 16 to close out position. Proceeds $9,940 after commission.
$112,917

Buy 400 shares of DELPHI FINANCIAL GROUP A (DFG) at $21.81 (closing last trade price) and sell 4 call Out-of-the-Money contracts of DFG AX (Jan$22.50) at $0.60 (closing bid price) expiring on 1/16/2010. Cost is $8,744, and income from sale of the calls is $224 and includes your commissions. Annualized return if called is 69%. Not called on January 16. Price at $22.15 and value at $9,084,up 3.9% including sale of all calls. Sold all shares at $22.15 on January 16 to close out position. Proceeds $8,840 after commission.
$121,757

Totals for December:

Portfolio value at December 19, 2009 is $121,757* after $24,000 taken as income in eleven months. Total return including income is $145,757*, up 45.8% The S&P500 average for the year so far is up 33.6%.

*After the effect of all commissions.

The stocks listed above are for illustrative and educational purposes only and should not be construed as an endorsement, recommendation, or solicitation to buy or sell any particular security.

Starting on January 17, 2009, Investment Enhancing Systems, Inc. provided this retirement portfolio using the stocks identified in our Conservative "Stocks-to-Consider" list. We started by investing $100,000 in stock buy/writes identified by the Covered Call Analyzer on expiration weekend for January 17, 2009.Since it is a retirement portfolio, we take $2,000 premium income each month as income. We reinvest (keep in the portfolio) stock price appreciation to the strike price and the balance of call premium. Our objective is to maintain and grow the portfolio while maintaining a monthly income of $2,000. We will update this portfolio each month on expiration weekend, using the Analyzer, to find more buy/writes using the monies realized from called or "get-out" sales.

	Income*	Cost*	Balance
From December:			$8,489
From Conservative "Stocks-to-Consider" for August 22, 2009 and putting $10,000 into the money available field.
Buy 700 shares of CHINA UNICOM (HK) LTD (CHU) at $14.18 (closing last trade price) and sell 7 call Out-of-the-Money contracts of CHU IC (Sep$15.00) at $0.45 (closing bid price) expiring on 9/19/2009. Cost is $9,946, and income from sale of the calls is $295 and includes your commissions. Annualized return if called is 111%. Not called on September 19. Will now sell Oct15 at $0.55. Price at $14.70 and value at $10,949,up 11.8% including sale of all calls. Not called on October 17. Will now sell Nov15 at $0.30. Price at $14.06 and value at $10,866,up 9.2% including sale of all calls. Not called on November 21. Will now sell Dec15 at $0.15. Price at $13.57 and value at $10,432,up 4.9% including sale of all calls. Not called on December 19. Price at $12.67 and value at $9,802, down (1.4%)including sale of all calls. Sold all shares at $12.67 on December 19 to close out position. Proceeds $8,849 after commission.			$8,489
From Conservative "Stocks-to-Consider" for September 19, 2009 and putting $10,000 into the money available field.
Buy 1400 shares of PRECISION DRILLING TR UN (PDS) at $7.06 (closing last trade price) and sell 14 call Out-of-the-Money contracts of PDS JU (Oct$7.50) at $0.25 (closing bid price) expiring on 10/17/2009. Cost is $9,904, and income from sale of the calls is $319 and includes your commissions. Annualized return if called is 116%. Not called on October 17. Will now sell Nov7.5 at $0.25. Price at $6.92 and value at $10,326,up 4.3% including sale of all calls. Not called on November 21. Will now sell Dec7.5 at $0.25. Price at $6.84 and value at $10,533,up 6.4% including sale of all calls. Not called on December 19. Will now sell Jan7.5 at $0.25. Price at $7.27 and value at $11,454, up 15.7% including sale of all calls. Called on January 16 at $7.50. Proceeds $10,480 after commission. Total return including call premium is $11,756, up 18.7%.			$18,969
Buy 200 shares of SL GREEN REALTY CORP (SLG) at $43.19 (closing last trade price) and sell 2 call Out-of-the-Money contracts of SLG JI (Oct$45.00) at $1.75 (closing bid price) expiring on 10/17/2009. Cost is $8,658, and income from sale of the calls is $337 and includes your commissions. Annualized return if called is 99% .Not called on October 17. Will now sell Nov45 at $2.95. Price at $44.02 and value at $9,718,up 12.2% including sale of all calls. Not called on November 21. Will now sell Dec45 at $2.45. Price at $44.98 and value at $10,387,up 20.0% including sale of all calls. Called on December 19 at $45.00. Proceeds $9,980 after commission. Total return including call premium is $10,371, up 19.8%.			$18,969
From Conservative "Stocks-to-Consider" for October 17, 2009 and putting $10,000 into the money available field.
Buy 1100 shares of HUNTSMAN CORP (HUN) at $9.01 (closing last trade price) and sell 11 call Out-of-the-Money contracts of HUN KB (Nov$10.00) at $0.35 (closing bid price) expiring on 11/21/2009. Cost is $9,931, and income from sale of the calls is $359 and includes your commissions. Annualized return if called is 146%. Not called on November 21. Will now sell Dec10 at $0.10. Price at $8.77 and value at $10,089,up 1.6% including sale of all calls. Called on December 19 at $10.00. Proceeds $10,980 after commission. Total return including call premium is $11,422, up 15.0%.			$18,969
Buy 200 shares of BADGER METER INC (BMI) at $39.11 (closing last trade price) and sell 2 call Out-of-the-Money contracts of BMI KH (Nov$40.00) at $2.15 (closing bid price) expiring on 11/21/2009. Cost is $7,842, and income from sale of the calls is $417 and includes your commissions. Annualized return if called is 74%. Not called on November 21. Will now sell Dec40 at $0.50. Price at $36.54 and value at $7,812,down (0.4%). including sale of all calls. Not called on December 19. Will now sell Jan40 at $0.75. Price at $39.00 and value at $8,441,up 7.6% including sale of all calls. Called on January 16 at $40.00. Proceeds $7,980 after commission. Total return including call premium is $8,621, up 9.9%.			$26,949
From Conservative "Stocks-to-Consider" for November 21, 2009 and putting $10,000 into the money available field.
Buy 200 shares of PRE-PAID LEGAL SVCS INC (PPD) at $37.22 (closing last trade price) and sell 2 call Out-of-the-Money contracts of PPD LH (Dec$40.00) at $1.05 (closing bid price) expiring on 12/19/2009. Cost is $7,464, and income from sale of the calls is $197 and includes your commissions. Annualized return if called is 128% . Called on December 19 at $40.00. Proceeds $7,980 after commission. Total return including call premium is $8,177, up 9.6%.			$26,949
Buy 600 shares of AMERICAN EAGLE OUTFITTER (AEO) at $14.62 (closing last trade price) and sell 6 call Out-of-the-Money contracts of AEO LC (Dec$15.00) at $0.70 (closing bid price) expiring on 12/19/2009. Cost is $8,792, and income from sale of the calls is $401 and includes your commissions. Annualized return if called is 90%. Called on December 19 at $15.00. Proceeds $8,980 after commission. Total return including call premium is $9,381, up 6.7%.			$26,949
Buy 300 shares of FRONTLINE LTD (FRO) at $26.63 (closing last trade price) and sell 3 call Out-of-the-Money contracts of FRO LY (Dec$27.50) at $1.05 (closing bid price) expiring on 12/19/2009. Cost is $8,009, and income from sale of the calls is $301 and includes your commissions. Annualized return if called is 88%. Called on December 19 at $27.50. Proceeds $8,230 after commission. Total return including call premium is $8,531, up 6.5%.			$26,949
Buy 500 shares of UNUM GROUP (UNM) at $19.08 (closing last trade price) and sell 5 call Out-of-the-Money contracts of UNM LD (Dec$20.00) at $0.40 (closing bid price) expiring on 12/19/2009. Cost is $9,560, and income from sale of the calls is $183 and includes your commissions. Annualized return if called is 85%. Not called on December 19. Will now sell Jan20 at $0.30. Price at $19.15 and value at $9,890,up 3.5% including sale of all calls. Called on January 16 at $20.00. Proceeds $9,980 after commission. Total return including call premium is $1,295, up 7.7%.			$36,929
Buy 400 shares of CA INC (CA) at $21.86 (closing last trade price) and sell 4 call Out-of-the-Money contracts of CA LX (Dec$22.50) at $0.50 (closing bid price) expiring on 12/19/2009. Cost is $8,764, and income from sale of the calls is $184 and includes your commissions. Annualized return if called is 62%. Called on December 19 at $22.50. Proceeds $8,980 after commission. Total return including call premium is $9,164, up 4.6%.			$36,929
Buy 200 shares of MEAD JOHNSON NUTRITION (MJN) at $44.31 (closing last trade price) and sell 2 call Out-of-the-Money contracts of MJN LI (Dec$45.00) at $1.00 (closing bid price) expiring on 12/19/2009. Cost is $8,882, and income from sale of the calls is $187 and includes your commissions. Annualized return if called is 45%.Not called on December 19. Price at $41.50 and value at $8,487, down (4.4%)including sale of all calls. Sold all shares at $41.50 on December 19 to close out position. Proceeds $8,280 after commission.			$36,929
Buy 200 shares of TIDEWATER INC (TDW) at $44.48 (closing last trade price) and sell 2 call Out-of-the-Money contracts of TDW LI (Dec$45.00) at $1.15 (closing bid price) expiring on 12/19/2009. Cost is $8,916, and income from sale of the calls is $217 and includes your commissions. Annualized return if called is 44%. Called on December 19 at $45.00. Proceeds $8,980 after commission. Total return including call premium is $9,197, up 3.2%.			$36,929
From Conservative "Stocks-to-Consider" for December 19, 2009 and putting $10,000 into the money available field.
Buy 300 shares of COMPANIA DE MINAS BUENA (BVN) at $32.87 (closing last trade price) and sell 3 call Out-of-the-Money contracts of BVN AG (Jan$35.00) at $0.85 (closing bid price) expiring on 1/16/2010. Cost is $9,881, and income from sale of the calls is $241 and includes your commissions. Annualized return if called is 110%. Called on January 16 at $35.00. Proceeds $10,480 after commission. Total return including call premium is $10,721, up 8.5%.			$47,409
Buy 300 shares of CASH AMERICA INTERNAT (CSH) at $32.93 (closing last trade price) and sell 3 call Out-of-the-Money contracts of CSH AG (Jan$35.00) at $0.45 (closing bid price) expiring on 1/16/2010. Cost is $9,899, and income from sale of the calls is $121 and includes your commissions. Annualized return if called is 92%. Called on January 16 at $35.00. Proceeds $10,480 after commission. Total return including call premium is $10,601, up 7.1%.			$57,889
Buy 800 shares of ASTORIA FINANCIAL CORP (AF) at $11.86 (closing last trade price) and sell 8 call Out-of-the-Money contracts of AF AV (Jan$12.50) at $0.25 (closing bid price) expiring on 1/16/2010. Cost is $9,508, and income from sale of the calls is $178 and includes your commissions. Annualized return if called is 89%. Called on January 16 at $12.50. Proceeds $9,980 after commission. Total return including call premium is $10,158, up 6.8%.			$67,869
Buy 200 shares of GUESS? INC (GES) at $42.64 (closing last trade price) and sell 2 call Out-of-the-Money contracts of GES AI (Jan$45.00) at $0.80 (closing bid price) expiring on 1/16/2010. Cost is $8,548, and income from sale of the calls is $147 and includes your commissions. Annualized return if called is 88%. Not called on January 16. Price at $42.29 and value at $8,605,up 0.7% including sale of all calls. Sold all shares at $42.29 on January 16 to close out position. Proceeds $8,438 after commission.			$76,307
Buy 500 shares of PROTECTIVE LIFE CORP (PL) at $17.00 (closing last trade price) and sell 5 call Out-of-the-Money contracts of PL AW (Jan$17.50) at $0.70 (closing bid price) expiring on 1/16/2010. Cost is $8,520, and income from sale of the calls is $333 and includes your commissions. Annualized return if called is 83%. Called on January 16 at $17.50. Proceeds $8,730 after commission. Total return including call premium is $9,063, up 6.4%.			$85,037
Buy 300 shares of CAL-MAINE FOODS INC (CALM) at $28.49 (closing last trade price) and sell 3 call Out-of-the-Money contracts of QKM AF (Jan$30.00) at $0.50 (closing bid price) expiring on 1/16/2010. Cost is $8,567, and income from sale of the calls is $136 and includes your commissions. Annualized return if called is 84%. Called on January 16 at $30.00. Proceeds $8,980 after commission. Total return including call premium is $9,116, up 6.4%.			$94,017
Buy 600 shares of APOGEE ENTERPRISES INC (APOG) at $14.38 (closing last trade price) and sell 6 call Out-of-the-Money contracts of QJA AC (Jan$15.00) at $0.30 (closing bid price) expiring on 1/16/2010. Cost is $8,648, and income from sale of the calls is $161 and includes your commissions. Annualized return if called is 75%. Called on January 16 at $15.00. Proceeds $8,980 after commission. Total return including call premium is $9,141, up 5.7%.			$102,977
Buy 500 shares of DYNAMIC MATERIALS CORP (BOOM) at $19.42 (closing last trade price) and sell 5 call Out-of-the-Money contracts of QCB AD (Jan$20.00) at $0.65 (closing bid price) expiring on 1/16/2010. Cost is $9,730, and income from sale of the calls is $308 and includes your commissions. Annualized return if called is 75%. Not called on January 16. Price at $19.92 and value at $10,268,up 5.5% including sale of all calls. Sold all shares at $19.92 on January 16 to close out position. Proceeds $9,940 after commission.			$112,917
Buy 400 shares of DELPHI FINANCIAL GROUP A (DFG) at $21.81 (closing last trade price) and sell 4 call Out-of-the-Money contracts of DFG AX (Jan$22.50) at $0.60 (closing bid price) expiring on 1/16/2010. Cost is $8,744, and income from sale of the calls is $224 and includes your commissions. Annualized return if called is 69%. Not called on January 16. Price at $22.15 and value at $9,084,up 3.9% including sale of all calls. Sold all shares at $22.15 on January 16 to close out position. Proceeds $8,840 after commission.			$121,757
Totals for December:
Portfolio value at December 19, 2009 is $121,757* after $24,000 taken as income in eleven months. Total return including income is *$145,757,** up 45.8% The S&P500 average for the year so far is up 33.6%.