Position Adjustments for Dec CCs

MS BTO 300 shares @20.26 ($6,087.50)
STO 3 17.5Nov 08 @4.30 Income $1,277.04
BTC 3 17.5 Nov 08@0.35 ($117.95)
STO 3 16 Nov 08 @0.65 Income $182.04
BTC 3 16 Nov 08 @0.30 ($102.95)
STO 3 14 Nov 08 @0.55 Income $152.04 Expired
STO 3 13 Dec 08 @1.10 Income $317.04
Net if Exercised -8.05%, Monthly -4.09%, Annual -49.82% NOTE: Monitor for roll out

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
BTC 2 62.5 Oct 08 @0.01 ($4.95)
STO 2 60 Nov 08 60 @1.09 Income $205.04
BTC 2 60 Nov o8 @0.14 ($40.95)
STO 2 57.5 Nov 08 @ 0.45 Income $77.04
BTC 2 57.55 Nov 08 @ 0.11 ($34.95)
STO 2 55 Nov 08 @ 0.45 Income 77.04 Expired
STO 2 57.5 Dec 08 @0.94 Income $175.04
If Exercised Net 6.94%, Monthly 1.58%, Annual 19.19%

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
BTC 2 Oct 65 @0.35 ($82.95)
STO 2 Oct 60 @1.10 Income $207.04 Expired
STO 2 55 Nov 08 @0.65 Income $117.04
BTC 2 55 Nov 08 @0.15 ($42.95)
STO 2 50 Nov 08 @0.60 Income $107.04 Expired
Dividend 0.40 Income $80 Payable 12/5/08
STO 2 50 Dec 08 @0.40 Income $67.04
Net if Exercised -11.24% Monthly RIE -2.44% Annual RIE -29.73% NOTE: Must monitor for roll-out

GE BTO 200 shares @ $22.46 ($4,501.93)
STO 2 22 Oct 08 @1.65 Income $317.04 Expired
STO 2 22 Nov 08 @0.43 Income $73.04
BTC 2 22 Nov 08 @0.06 ($12.29)
STO 2 22 Nov08 @0.28 Income $51.29
BTC 2 22 Nov 08 @0.08 ($20.32)
STO 2 17.5 Nov 08 @0.34 Income $63.00 Expired
STO 2 17.5 Dec 08 @0.22 Income $37.68
If Exercised -11.16%, Monthly -4.35%, Annual –52.90% NOTE: Must monitor for roll-out

GE BTO 400 shares @ 29.86 ($11,953.95)
STO 4 30 Sep 08 @0.78 Income $267.04 Expired
BTC 4 30 Sep 08 @ 0.01 ($12.95)
STO 4 29 Oct 08 @ 1.06 Income $397.08
BTC 4 29 Oct 08 @0.11 ($56.95)
STO 4 26 Oct 08 @0.54 Income $203.04
BTC 4 26 Oct 08 @0.09 ($48.95)
STO 4 23 Oct 08 @ 0.37 Income $135.04 Expired
Dividend $124 Payable 27 Oct
STO 4 23 Nov08 @0.20 Income $67.04
BTC 4 23 Nov 08 @10 ($52.95)
STO 4 22 Nov 08 @0.30 Income $107.04
BTC 4 22 Nov08 @ 0.06 ($36.66)
STO 4 20 Nov 08 @0.28 Income $103.75
BTC 4 20 Nov 08 @0.08 ($40.66)
STO 4 17.5 Nov 08 @0.34 Income $128.04 Expired
STO 4 17.5 Dec 08 @0.22 Income $75.36
If Exercised -27.39% Net, Monthly –6.79%, Annual –82.63% NOTE: Must monitor for roll-out

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
BTC 5 11 Oct 08 @0.10 ($62.95)
STO 5 10 Oct 08 @0.15 Income $68.74
BTC 5 10 Oct 08 @ 0.1 ($56.25)
STO 5 8 Oct 08 @0.20 Income $93.74 Expired
STO 5 7 Nov 08 @ 0.20 Income $93.74 Expired
STO 5 6 Dec 08 @0.25 Income $118.68
If Exercised -27.33% Net, Monthly –6.89%, Annual -83.82% NOTE: Monitor for roll out

AUY BTO 500 shares @ 16.31 ($8165.00)
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
BTC 5 12 Oct 08 @0.05 ($31.47)
STO 5 10 Oct 08 @0.15 Income $68.74
BTC 5 10 Oct 08 @ 0.1 ($56.25)
STO 5 8 Oct 08 @0.20 Income $93.74 Expired
STO 5 7 Nov 08 @ 0.20 Income $93.74 Expired
STO 5 6 Dec 08 @0.25 Income $118.68
Net if Exercised -46.19% - Monthly -8.30% - Annual -100.95% NOTE: Monitor for roll out

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
BTC 5 12 Oct 08 @0.05 ($31.47)
STO 5 10 Oct 08 @0.15 Income $68.74
BTC 5 10 Oct 08 @ 0.1 ($56.25)
STO 5 8 Oct 08 @0.20 Income $93.74 Expired
STO 5 7 Nov 08 @ 0.20 Income $93.74 Expired
STO 5 6 Dec 08 @0.25 Income $118.68
Net if Exercised -34.41% - Monthly -7.32% - Annual -89.07% NOTE: Monitor for roll out

PFE BTO 300 shares @17.01 ($5112.35)
STO 3 17.5 Oct 08 @0.42 Income $113.04 Expired
STO 3 17.5 Nov 08@0.86 Income $245.04 Expired
Dividend 0.32 Income $96.00 Payable 2 Dec 08
STO 3 17.5 Dec 08 @0.32 Income $83.04
Net if Exercised 13.00%, Monthly 5.57%, Annual 67.81%

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
BTC 4 28 Oct 08 @0.05 ($32.95)
STO 4 25 Oct 08 @0.32 Income $115.04
BTC 4 25 Oct 08 @0.07 ($40.95)
STO 4 26 Nov 08 @0.80 Income $307.04
STO 1 20 Nov 08 @ 0.90 Income $77.04 PUT to buy if drop to 20
BTC 4 26 Nov 08 @0.19 ($88.95)
STO 4 25 Nov08 @0.36 Income $131.04
BTC 4 25 Nov 08 @0.06 ($36.95)
STO 4 23 Nov08 @0.26 Income $91.04
BTC 4 23 Nov 08 @0.07 ($40.95)
STO 4 21 Nov 08 @0.30 Income $107.04
BTC 4 21 Nov 08 @0.40 ($172.95)
STO 4 21 Nov 08 @0.10 Income $27.04 Expired
BTC 1 20 Nov 08 @1.90 ($202.95) Closed PUT
Dividend 0.13 Income $52 Payable 12/11/08
STO 4 23 Dec 08 @0.37 Income $135.04
If Exercised Net –8.34%, Monthly -2.07%, Annual -25.16% Note: Monitor for roll out

APA BTO 100 shares @ 143.55
STO 1 135Jul08 @ 10.20 net $1007.04
BTC 1 135Jul08 @ 0.50 net ($62.95)
STO 1 130Jul08 @ 1.00 net $87.04 Expired
STO 1 135 Aug 08 @ 0.90 net $77.04
BTC 1 135 Aug08 @ 0.35 (47.95)
STO 1 125 Aug08 @ 1.00 $87.04 Expired
STO 1 130 Sep 08 @ 0.70 $57.04
BTC 1 130 Sep 08 @ 1.07 ($119.95)
STO 1 135 Sep 08 @ 0.55 $42.04
BTC 1 135 Sep 08 @ 0.80 ($92.95)
STO 1 120 Sep 08 @ 0.75 $62.04 Expired
BTC 1 120 Sep 08 @ 1.3 ($142.95)
STO 1 135 Oct 08 @ 2.4 Income $227.04
BTC 1 135 Oct 08 @ 0.09 ($21.95)
STO 1 115 Oct 08 @ 0.62 Income $49.04
BTC 1 115 Oct 08 @ 0.17 ($29.95)
STO 1 100 Oct 08 @ 1.45 Income $132.04
BTC 1 100 Oct 08 @0.10 ($22.95)
STO 1 75 Oct 08 @ 1.25 Income $112.04
BTC 1 75 Oct 08 @1.00 ($112.95)
Dividend @ 0.15 Income $15.00 Payable 11/21
STO 1 90 Nov 08 @ 4.10 Income $397.04
BTC 1 90 Nov 08 @ 2.45 ($257.95)
STO 1 85 Nov 08 @ 1.8 Income $167.04 Expired
STO 1 85 Dec 08 @1.60 Income $147.04
Net if Exercised -29.14% - Monthly –5.24% - Annual -63.70% NOTE: Must Monitor for roll out

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 Expired
STO 3 40 Nov 08 @0.9 Income $257.04
BTC 3 40 Nov 08 @ 0.30 ($102.95)
STO 3 35 Nov 08 @0.70 Income $197.04
BTC 3 35 Nov 08 @0.15 ($57.95)
STO 3 30 Nov 08 @0.45 Income $122.04
BTC 3 30 Nov 08 @0.15 ($57.95)
STO 3 25 Nov 08 @0.7 Income $197.04Expired
STO 3 22.5 Dec 08 @0.90 Income $257.04
If Exercised -37.89% Net, Monthly -9.63%, Annual -117.22% NOTE: Will monitor for roll-out

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
BTC 2 72.5 Oct 08 @ 0.15 ($42.95)
STO 2 67.5 Oct 08 @ 0.50 Income $87.04 Expired
STO 2 67.5 Nov 08 @0.55 Income$92.04
BTC 2 67.5 Nov 08 @0.15 ($42.95)
STO 2 62.5 Nov 08 @0.55 Income $97.05
BTC 2 62.5 Nov 08 @0.1 ($32.95)
STO 2 57.5 Nov 08 @0.5 Income $87.04
BTC 2 57.5 Nov 08 @0.10 ($32.95)
STO 2 52.5 Nov 08 @0.40 Income $67.04 Expired
Dividend 0.16 Income $32 Payable 28 Nov 08
STO 2 55 Dec 08 @0.90 Income 167.04
Net if Exercised -13.59 %, Monthly -2.44%, Annual -29.70% NOTE: Monitor for roll out

AUY BTO 500 shares @5.46 ($2739.45)
STO 5 5 Nov 08 @ 1.20 Income $587.04
BTC 5 5 Nov 08 @0.30 ($162.95)
STO 5 5 Nov 08 @0.25 Income $112.04 Expired
STO 5 5 Dec 08 @0.55 Incme $268.52
Net if Exercised 20.27%, Monthly 9.21%, Annual 112.09%

JPM BTO 300 shares @47.27 ($14,190.95)
STO 3 45 Oct 08 @ 4.17 Income $1238.04 Expired
Dividend $114.00 payable 10/31
STO 3 45 Nov 08 @1.23 Income $356.04
BTC 3 45 Nov o8 @0.50 ($162.95)
STO 3 45 Nov 08 @ 0.65 Income $182.04
BTC 3 45 Nov 08 @ 0.30 ($102.95)
STO 3 42.5 Nov 08 @0.50 Income $137.04
BTC 3 42.5 Nov 08 @0.13 ($51.95)
STO 3 40 Nov 08 @0.35 Income $92.04 Expired
STO 3 27.5 Dec 08 @1.60 Income $467.04
Net if Exercised –25.95%, Monthly -9.98%, Annual –121.43% 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
BTC 1 120 Oct 08 @0.04 ($8.95)
STO 1 90 Oct 08 @0.81 Income $68.04
BTC 1 90 Oct 08 @ 0.05 ($17.95)
STO 1 75 Oct 08 @ 0.73 Income $60.04 Expired
STO `1 70 Nov08 @1.30 Income $117.04
BTC 1 70 Nov 08 @0.44 ($56.95)
STO 1 60 Nov 08 @ 1.3 Income $117.04
BTC 1 60 Nov 08 @0.15 ($27.95)
STO 1 50 Nov 08 @1.01 Income $88.04 Expired
STO 1 55 Dec 08 @2.45 Income $232.04
If Exercised -41.51%% Net, Monthly -10.29%, Annual -125.23% NOTE: Monitor for roll out

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
BTC 3 50 Oct 06 @.10 ($42.95)
STO 3 40 Oct 08 @ .35 Income $92.04
BTC 3 40 Oct 08 @0.15 ($42.95)
STO 3 35 Oct 08 @ 0.30 Income $77.04
BTC 3 35 Oct 08 @0.10 ($42.95)
STO 3 25 Oct 08 @0.90 Income $257.04 Expired
STO 3 30 Nov 08 @0.85 Income $242.04
STO 2 17.5Nov 08 @1.6 Income $307.04 Put to buy if drops to 17.5
BTC 3 30 Nov 08 @ 0.30 ($102.95)
STO 3 25 Nov 08 @ 0.75 Income $212.04
BTC 3 25 Nov 08 @0.25 ($87.95)
STO 3 22.5 Nov 08 @ 0.60 Income $167.04
BTC 3 22.5 Nov 08 @ 0.10 ($42.95)
STO 3 30 Nov 08 @0.30 Income $77.04 Expired
BTC 2 17.5 Nov 08 @1.35 ($282.95) Closed Put
Dividend 0.10 Payable 12/12/08 Income $30.00
STO 3 17.5 Dec 08 @0.70 Income 197.04
If Exercised net –47.64% - Monthly –9.79%, Annual –119.10% 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
BTC 5 25 Oct 08 @ 0.04 ($24.95)
STO 5 22 Oct 08 @ 0.28 Income $127.04
BTC 5 22 Oct 08 @0.04 ($24.95)
STO 5 19 Oct 08 @0.24 Income $107.04
BTC 5 19 Oct 08 @0.05 ($37.95)
STO 5 21 Nov 08 @0.3 Income $137.04
BTC 5 21 Nov 08 @0.13 ($77.95)
STO 5 20 Nov 08 @0.40 Income $187.04
BTC 5 20 Nov 08 @0.11 ($67.95)
STO 5 19 Nov 08 @0.22 Income $97.04
BTC 5 19 Nov 08 @0.10 ($62.95)
STO 5 18 Nov 08 @0.24 Income $107.04 Expired
STO 5 18 Dec 08 @0.33 Income $152.04
Net If Exercised -19.87%, Monthly -4.93%, Annual -59.94% NOTE: Monitor for roll out

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 Expired
STO 3 32.5 Nov 08 @0.38 Income $101.04
STO 2 25 Nov 08 @ 1.13 Income $213.04 Put to buy if drops to 25
BTC 3 25 Nov 08 @ 0.10 ($42.95)
STO 3 32.5 Nov 08 @0.35 Income $92.04 Expired
Dividend 0.46 Payable 11/3/08 Income $138.00
BTC 2 25 Nov 08 @0.37 ($86.95) Closed Put
STO 3 32.5 Dec 08 @0.80 Income $227.04
If Exercised net 3.48% - Monthly 0.72%, Annual 8.71%

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
BTC 4 30 Oct 08 @0.05 ($32.95)
STO 4 20 Oct 08 @0.20 Income 67.04
BTC 4 20 Oct 08 @3.77 ($1520.95)
STO 4 27 Nov 08 @0.95 Income $367.04
BTC 4 27 Nov 08 @ 0.455 ($207.90)
STO 4 27 Nov 08 @0.30 Income $107.04
BTC 4 27 Nov 08 @0.15 ($72.95)
STO 4 25 Nov 08 @0.3 Income $107.04
BTC 4 25 Nov 08 @0.10 ($52.95)
STO 4 22 Nov 08 @0.30 Income $107.04 Expired
STO 4 22.5 Dec 08 @0.50 Income $187.04
If Exercised - 35.55%Net, Monthly –8.82%, Annual –107.25% NOTE: Must monitor for roll-out

AA BTO 300 shares @10.98 ($3303.38)
STO 3 12.5 Nov 08 @0.27 Income $68.04 Expired
STO 3 12.5 Dec 08 @0.15 Income 32.04
If Exercised 15.28%, Monthly 30.56%, Annual 371.78%

CAT BTO 100 shares @38.47 ($3,856.80)
STO 1 40 Nov 08 @1.56 Income $143.04
STO 1 40 Dec 08 @1.18 Income $105.04
If Exercised 9.89%, Monthly 7.06%, Annual 85.92%
If Not Exercised 15.28%, Monthly 10.66%, Annual 129.69%

GM Exercised - Corrected

Only one position in my account was exercised this month.

BTO GM 400 shares @2.86 ($867.50)
STO 3 4 Nov 08 @0.26 Income $65.04 Exercised
If Exercised 16.7%, Monthly 50.1%, Annual 609.59%

Account Status

This report reflects the status of Account 2 prior to opening of the market 24 Nov 2008 or after calls expired /exercised 21 Nov 2008. The account is compared to a Mutual Fund account. Initial funding for Account 2 was obtained from the Mutual Fund account and us opened 1 Jul 2008. One positions was added to the closed positions this month.

Closed Positions (22 positions)
Total Cost $185,315.61
Total Gain $8,074.55
Actual Net Gain 4.36%, Avg. Monthly 6.32%, Avg. 76.90%
Average Holding Period 21 days

Open Positions (25 positions)
Total Cost $222,218.43
Current Value $ 132,650.96
Income to Date $22,190.01
% Income to Date 9.99% (based on cost), Avg Monthly 3.76%
Average Holding Period 80

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 17 Oct 21 Nov
Account 2 (OpXpress) – 1.000 0.993 0.998 0.986 0.800 0.663
CFA Mutual Fund (RJF)– 1.000 0.971 0.980 0.943 0.687 0.562
Delta Acct 2 to CFA % - 0 2.2% 1.8% 4.3% 10.0% 10.1%

As with most accounts, Sep/Oct/Nov has been hard on account values. The drop off has been rather dramatic. Currently, I will be under water more than 50% of my open positions when I sell my calls for Dec. But, I am paddling hard to stay a float. However, my CC account did not drop as far as the Mutual Fund account.

My goal is a 2-3% cash flow per month and to try and minimize risk of my account value decreasing by selling ITM calls (the majority of the time). However, during this down market, I have been averaging a cash return of over 3% as noted above. 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 since I try to buy higher quality stocks.