Balance

From February:

$2,798

Buy 300 shares of SOCIEDAD QUIMICA CHILE (SQM) at $26.76  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of SQM BF (Feb$30.00) at $1.20 (closing bid price) expiring on 2/21/2009. Cost is $8,048, and income from sale of the calls is $346 and includes your commissions.  Annualized return if called is 168%. ACTUAL: Bought 300 shares of SOCIEDAD QUIMICA CHILE (SQM) at $26.61  (closing last trade price) and sell 3 call  Out-of-the-Money contracts of SQM BF (Feb$30.00) at $1.10 (closing bid price) expiring on 2/21/2009. Cost is $8,003, and income from sale of the calls is $316 and includes your commissions. Not called on February 21. Will now sell Mar30 at $1.80. Price at $29.18 and value at $9,595 , up 19.9% on February 21 including sale of all calls. Not called on March 21. Will now sell Apr30 at $0.75. Price at $27.13 and value at $9,191 , up 14.8% on March 21 including sale of all calls.

$2,798

Buy 800 shares of MEDICIS PHARMA CORP CL A (MRX) at $11.93  (closing last trade price) and sell 8 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 $9,564, and income from sale of the calls is $1,058 and includes your commissions.  Annualized return if called is 204%. Exercised get-out price at $10.14 on March 5 after buying back calls at $0.05. Proceeds $8,092 after commission.  Final value including sale of all calls is $9,108, down (4.8%).

Buy 400 shares of METLIFE INC (MET) at $21.43  (closing last trade price) and sell 4 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 $8,592, and income from sale of the calls is $924 and includes your commissions.  Annualized return if called is 202%. Exercised get-out price at $18.22 on March 2 after buying back calls at $0.05. Proceeds $7,268 after commission.  Final value including sale of all calls is $8,176, down (4.8%).

Buy 700 shares of COMERICA INC (CMA) at $13.57  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of CMA CC (Mar$15.00) at $1.30 (closing bid price) expiring on 3/21/2009. Cost is $9,519, and income from sale of the calls is $890 and includes your commissions.  Annualized return if called is 256%. Called on March21 at $15.00. Proceeds $10,480 after commission.  Final value including sale of all calls is $11,370, up 19.4%.

Buy 600 shares of AEGEAN MARINE PETRO NET (ANW) at $16.07  (closing last trade price) and sell 6 call  Out-of-the-Money contracts of ANW CW (Mar$17.50) at $1.30 (closing bid price) expiring on 3/21/2009. Cost is $9,662, and income from sale of the calls is $761 and includes your commissions.  Annualized return if called is 216%. Called on March21 at $17.50. Proceeds $10,480 after commission.  Final value including sale of all calls is $11,370, up 19.4%.

Buy 700 shares of ICICI BANK LTD ADS (IBN) at $13.78  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of IBN CC (Mar$15.00) at $0.95 (closing bid price) expiring on 3/21/2009. Cost is $9,666, and income from sale of the calls is $645 and includes your commissions.  Annualized return if called is 199%. Exercised get-out price at $11.71 on March 2 after buying back calls at $0.05. Proceeds $8,177 after commission.  Final value including sale of all calls is $8,786, down (9.1%).

Buy 700 shares of TESORO CORPORATION (TSO) at $14.13  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of TSO CC (Mar$15.00) at $0.95 (closing bid price) expiring on 3/21/2009. Cost is $9,911, and income from sale of the calls is $645 and includes your commissions.  Annualized return if called is 162%. Not called on March 21. Will now sell Apr15 at $0.65. Price at $13.95 and value at $10,844 , up 9.4% on March 21 including sale of all calls.

Buy 1200 shares of DOW CHEMICAL CO THE (DOW) at $8.10  (closing last trade price) and sell 12 call  Out-of-the-Money contracts of DOW CB (Mar$10.00) at $0.55 (closing bid price) expiring on 3/21/2009. Cost is $9,740, and income from sale of the calls is $632 and includes your commissions.  Annualized return if called is 387%. Exercised get-out price at $6.89 on March 5 after buying back calls at $0.05. Proceeds $8,248 after commission.  Final value including sale of all calls is $8,812, down (9.5%).

Buy 800 shares of TCF FINANCIAL CORP (TCB) at $11.66  (closing last trade price) and sell 8 call  Out-of-the-Money contracts of TCB CV (Mar$12.50) at $0.80 (closing bid price) expiring on 3/21/2009. Cost is $9,348, and income from sale of the calls is $618 and includes your commissions.  Annualized return if called is 177%. Exercised get-out price at $9.91 on March 5 after buying back calls at $0.05. Proceeds $7,908 after commission.  Final value including sale of all calls is $8,484, down (9.2%).

Buy 700 shares of COMPANHIA SIDERURGICA (SID) at $14.17  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of SID CC (Mar$15.00) at $0.90 (closing bid price) expiring on 3/21/2009. Cost is $9,939, and income from sale of the calls is $610 and includes your commissions.  Annualized return if called is 154%. Exercised get-out price at $12.04 on March 2 after buying back calls at $0.05. Proceeds $8,408 after commission.  Final value including sale of all calls is $8,982, down (9.6%).

$71,859

Buy 900 shares of SL GREEN REALTY CORP (SLG) at $10.37  (closing last trade price) and sell 9 call  Out-of-the-Money contracts of SLG DV (Apr$12.50) at $0.85 (closing bid price) expiring on 4/18/2009. Cost is $9,353, and income from sale of the calls is $742 and includes your commissions.  Annualized return if called is 355%.

$740

Buy 1400 shares of PRINCIPAL FINANCIAL GRP (PFG) at $7.00  (closing last trade price) and sell 14 call  Out-of-the-Money contracts of PFG DU (Apr$7.50) at $1.15 (closing bid price) expiring on 4/18/2009. Cost is $9,820, and income from sale of the calls is $1,579 and includes your commissions.  Annualized return if called is 290%.

$1,579

Buy 500 shares of AFLAC INC (AFL) at $18.38  (closing last trade price) and sell 5 call  Out-of-the-Money contracts of AFL DD (Apr$20.00) at $1.75 (closing bid price) expiring on 4/18/2009. Cost is $9,210, and income from sale of the calls is $858 and includes your commissions.  Annualized return if called is 225%.

$858

Buy 800 shares of STARWOOD HTLS & RSRTS WW (HOT) at $11.64  (closing last trade price) and sell 8 call  Out-of-the-Money contracts of HOT DV (Apr$12.50) at $0.70 (closing bid price) expiring on 4/18/2009. Cost is $9,332, and income from sale of the calls is $538 and includes your commissions.  Annualized return if called is 163%.

$538

Buy 700 shares of CHINA MEDICAL TECHNOLS (CMED) at $13.94  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of QCY DC (Apr$15.00) at $0.70 (closing bid price) expiring on 4/18/2009. Cost is $9,778, and income from sale of the calls is $470 and includes your commissions.  Annualized return if called is 153%.

$470

Buy 700 shares of TESORO CORPORATION (TSO) at $13.95  (closing last trade price) and sell 7 call  Out-of-the-Money contracts of TSO DC (Apr$15.00) at $0.65 (closing bid price) expiring on 4/18/2009. Cost is $9,785, and income from sale of the calls is $435 and includes your commissions.  Annualized return if called is 148%.

$435

Buy 600 shares of NORDSTROM INC (JWN) at $14.38  (closing last trade price) and sell 6 call  Out-of-the-Money contracts of JWN DC (Apr$15.00) at $1.00 (closing bid price) expiring on 4/18/2009. Cost is $8,648, and income from sale of the calls is $581 and includes your commissions.  Annualized return if called is 136%.

$581

Totals for March:

Taking $2,000 out as income total leaves $3,518 that will be added to cash balance:

Portfolio value at March 21, 2009 is $100,473* after $6,000 taken as income in three months. Total return including income is $106,473*, up 6.5% The DOW average for the year so far is down (12.1%)