Adjustments GME, WMT, CSCO, UNH, VZ, TRA

These positions were adjusted on Tuesday 9/23

TRA
BTO 300 shares TRA ($14,625.95)
STO 3 45 Aug 08 @ 5.90 Income $1,757.04
BTC 3 45 Aug08 @ 7.00 ($2,112.95)
STO 3 50 Aug08 @ 3.60 Income $1067.04 Expired
STO 3 50 Sep 08 @ 1.65 Income $482.04 Expired
Dividend 0.10/share Income $30.00
STO 3 50 Oct 08 @0.65 Income $182.05
If Exercised net 12.1% - Monthly 4.32%, Annual 52.56%

VZ
BTO 300 shares VZ ($10,809.95)
STO 3 35 Aug 08 @ 1.72 Income $503.04 Expired
STO 3 35 Sep 08 @ $1.21 Income 350.04 Expired
STO 3 35 Oct 08 @0.22 Income $53.05
If Exercised net 5.42% - Monthly 1.94%, Annual 23.56%

UNH BTO 400 shares @32.69 ($13,085.20)
STO 4 35 Sep 08 @ 0.70 Income $267.04 Expired
STO 4 30 Oct 08 @0.35 Income $127.05
If Exercised -5.36%Net, Monthly –2.72%, Annual –33.15% NOTE: Must monitor for roll-out

CSCO BTO 500 shares @ 24.89 ($12,454.45)
STO 5 25 Sep 08 @0.77 Income 372.04 Expired
STO 5 25 Oct 08 @0.30 Income $137.05
If Exercised 3.27%, Monthly 1.66%, Annual 20.25%

WMT BTO 200 shares @ 57.80 ($11,569.95)
STO 2 60 Sep 08 @ 1.20 Income $227.04 Expired
Dividend 0.2375 Income $47.50
STO 2 62.5 Oct 08 @0.85 Income $157.05
If Exercised Net 11.68%, Monthly 5.01%, Annual 60.92%

GME BTO 300 shares @40.94 ($12,292.95)
STO 3 40 Sep 08 @2.80 Income $827.04
BTC 3 40 Sep 08 @4.40 ($1,332.95)
STO 3 45 Sep 08 @1.45 Income $422.04 Expired
STO 3 40 Oct 08 @0.60 Income $167.04
If Exercised -1.79% Net, Monthly -0.96%, Annual -11.65% NOTE: Must monitor for roll-out

JPM - New Position

Took a new position in JPM today ITM to provide protection since bailout is not fully understood. I will accept 3.92% rather that take to large a risk at this time.

JPM BTO 300 shares @ $41.14 ($12,351.50)
STO 3 37.5 JPM Oct 08 @5.36 Income $1595.04
If Exercised 3.92%, Monthly 4.89%, Annual 59.54%

Adjustments RIMM, AUY, MSFT, COST, BA

Open Positions Adjusted Account 2

BA BTO 200 shares @61.84 ($12377.95)
STO 2 65 Sep 08 @1.55 Income $297.04 Expired
Dividend 0.40 $80.00
STO 2 Oct 65 @0.90 Income $167.05
Net if Exercised 9.34% Monthly RIE 3.69% Annual RIE 44.86%

COST BTO 200 shares @72.85
STO 2 72.5Jul08 @ 1.85 net $377.04 Expired
STO 2 72.5 Aug08 @ 2.30 net 447.04
BTC 2 72.5 Aug08 @0.15 ($42.95)
STO 2 67.5 Aug08@0.75 net $137.04
BTC 2 67.5 Aug 08 @ 0.25 ($62.95)
STO 2 72.5 Sep 08 @0.70 net $127.04 Expired
STO 2 72.5 Oct 08 @0.65 net $117.05
Net if Exercised 7.14 %, Monthly 2.04%, Annual 24.83%


MSFT BTO 400 shares @ 27.97 ($11,197.55)
STO 4 28 Sep 08 @ 0.85 Income $323.04 Expired
Dividend 0.11/share Income $44.00 Payable 9/11
STO 4 28 Oct 08 @ 0.53 Income $199.05
If Exercised Net 4.99%, Monthly 2.54%, Annual 30.86%

AUY BTO 500 shares @ 12.73 ($6,374.95)
STO 5 12Aug08 @ 1.10 Income $537.04 Expired
STO 5 12 Sep 08 @ 0.30 Income $137.04 Expired
STP 5 12 Oct 08 @0.45 Income $218.53
Net if Exercised 8.15% - Monthly 3.09% - Annual 37.64%

AUY BTO 500 shares @ 10.58 ($5,299.45)
STO 5 11 AUY Sep 08 @ 0.55 Income $262.04 Expired
STO 5 11 AUY Oct 08 @0.70 Income $337.05
If Exercised 15.01% Net, Monthly 7.90%, Annual 96.13%

AUY BTO 500 shares @ 16.31
STO 5 15Jul08 @ 1.5 net $737.04 Expired
STO 5 16 Aug 08 @ 0.25 net $112.04 Expired
STO 5 11 Sep 08 @0.10 net $37.04 Expired
STO 5 12 Oct 08 @ 0.45 net $218.53
Net if Exercised -12.97% - Monthly -3.70% - Annual -45.07% NOTE: Monitor for roll out

RIMM BTO 100 shares @ $129.31 ($12,940.95)
STO 1 115 Sep 08 @ 16.95 Income $1682.04
BTC 1 115 Sep 08 @ 13.95 ($1407.95)
STO 1 120 Sep 08 @ 10.35 Income $1022.04 Expired
STO 1 120 Oct 08 @2.25 Income $212.05
If Exercised 4.31% Net, Monthly 2.19%, Annual 26.64%

APA, AUY, BA, COST, CISCO, GME, MSFT, RIMM,TRA, UNH, VZ

The following long stock positions are currently being evaluated to determine action for Oct: APA, AUY, BA, COST, CISCO, GME, MSFT, RIMM, TRA, UNH, and VZ. Will probably write near month calls on all but have to determine at what value to execute the calls.

Account 2 Status and Comparison to Mutual Fund Account

This report reflects the status of Account 2 prior to opening of the market 22 Sep 2008 or after calls expired /exercised 19 Sep 2008. The account is compared to a Mutual Fund account. Initial funding for Account 2 was obtained from the Mutual Fund account and us opened1 Jul 2008.

Closed Positions (16 positions)
Total Cost $161,229.86
Total Gain $6,661.45
Net 4.13%, Avg. Monthly 5.24%, Avg. 63.77%
Average Holding Period 24 days

Open Positions (13 positions, 2 have CCs against)
Total Cost $172,029.14
Current Value $ 156,288.00
Income to Date $9,828.72
% Income to Date 5.71% (based on cost), Avg Monthly 3.42%
Average Holding Period 50

Normalized Comparison with CFA managed Mutual Fund Account. Both accounts were normalized to 1.00 after the account was split into Account 2 and CFA Mutual Fund (RJF).

1 Jul 19 Jul 15 Aug 19 Sep
Account 2 (OpXpress) – 1.000 0.993 0.998 0.986
CFA Mutual Fund (RJF)– 1.000 0.971 0.980 0.943
Delta Acct 2 to CFA % 0 2.2% 1.8% 4.3%

Stock buys were mostly made using CSE Advanced Charting techniques. However, I limit chooses to known stocks that I consider high quality. To date no TSS or special management techniques have been used in this account. My goal is not as aggressive as CSE pitches. My goal is a 2-3% cash flow per month and to try and minimize risk of account value decreasing by selling ITM calls (the majority of the time). To date, I have done better than the CFA/Broker.

I am not overly concerned about account value since I believe the stocks will recover in time.