GE, JPM New Positions - BA, TRA, VZ, GRA, CVS, WHR, MCD, UNH Watch

I remain slightly bearish on the market. Therefore, I sold calls ATM rather than OTM. Last month I was selling ITM to get significant downside protection but I feel a little more confidant this month. The following positions were established in Account 2.

GE
BTO 400 shares GE @ 28.05 Total ($11,229.91)
STO 4 28GE Aug 08 @ 0.79 Income $303.04
If Exercised net 2.32% - Monthly 2.90% , Annual 35.23%

JPM
BTO 300 shares JPM @ 40.19 Total ($12,066.95)
STO 3 40JPM Aug08 @ 1.99 Income $584.04
If Exercised net 4.18% - Monthly 5.22%, Annual 63.53%

I am watching other stocks for new positions but I am waiting for earnings reports this week on the stocks prior to establishing a new position. BA, TRA, VZ, GRA, CVS, WHR, MCD, UNH are being considered depending upon earnings reports and other technicals. Also have to watch my allocation between sectors.