New Position - UNH - HAPPY NEW YEAR

I opened this position in UNH on 12/23 but forgot to post it at that time.

UNH BTO 400 Shares @26.29 ($10,525.94)
STO 4 27 Jan 09 @1.20 Income $467.04
If Exercised 6.95% Net, Monthly 9.06%, Annual 110.23%

HAPPY NEW YEAR ALL

New Positions - USO, BA, YHOO, CAT, PRU

New Positions opened over the past couple of days

USO BTO 200 shares @ 32.95 ($6599.93)
STO 2 31 Jan 09 @4.10 Income $807.04
If Exercised 6.02 % Net, Monthly 7.52%, Annual 91.52%

BA BTO 200 shares @40.66 ($8141.95)
STO 2 40 Jan 09 @2.50 Income $487.04
If Exercised 4.12% Net, Monthly 5.15%, Annual 62.60%

YHOO BTO 1000 shares @ 12.76 ($12,774.45)
STO 10 12.5 Jan 09 @1.51 Income $1,497.04
If Exercised 9.49% Net, Monthly 11.87%, Annual 144.37%

CAT BTO 200 shares @41.37 ($8283.57)
STO 2 42.5 Jan 09 @2.00 Income $387.04
If Exercised 7.17% Net, Monthly 8.96%, Annual 108.97%

PRU BTO 500 shares @27.12 ($13,568.95)
STO 5 25 Jan op @4.20 Income $2087.03
If Exercised 6.95% Net,, Monthly 10.13%, Annual 123.27%

UNH BTO 400 Shares @26.29 ($10,525.94)
STO 4 27 Jan 09 @1.20 Income $467.04
If Exercised 6.95% Net, Monthly 9.06%, Annual 110.23%

Adjustments GE, DD, CSCO, MSFT

GE (2 Different Positions Combined)
BTO 600 shares Total Cost ($16,455.88) Original Cost not MTM adjusted
Income to Date $1,884.90
Average Holding of Combined Positions 99 days
Income 11.45% to date, Monthly 3.47%, Annual 41.64%
STO 6 17.5 Jan 09 @ 0.33 Income $185.04
If Exercised Net –23.67% , Monthly -7.17%, Annual -87.29% NOTE: Must watch for roll out/up

DD BTO 200 shares Total Cost ($6929.93) Original Cost not MTM adjusted
Income to Date $622.44
Holding Peiod 59 days
Income 9.56% to date, Monthly 19.0%, Annual 228.00%
STO 2 25 Jan 09 @1.35 Income $257.04
If Exercised -14.72% Net, Monthly -7.49%, Annual –91.09% NOTE: Must watch for roll out/up

CSCO BTO 500 shares Total Cost ($12,454.45) Original Cost not MTM adjusted
Income to Date $1,047.80
Holding Period 121 Days
Income 8.41% to date, Monthly 2.10%, Annual 25.2%
STO 5 17.5 Jan 09 @0.33 Income 152.04
If Exercised -20.19% Net, Monthly –5.01%, Annual –60.90% NOTE: Must watch for roll out/up

MSFT BTO 400 shares Total Cost ($11,197.55) Original Cost not MTM adjusted
Income to Date $1,079.83
Holding Period 121 Days
Income 9.64% to date, Monthly 2.41%, Annual 28.92%
STO 4 21 Jan 09 @0.27 Income $95.04
If Exercised -14.58% Net, Monthly -3.61%, Annual -43.98% NOTE: Must watch for roll out/up

Adjustments AUY, COST, WMT, PFE, UYG, AA

Most of the positions not exercised in December have been in the account for a period of time. Therefore, I am going to summarize the position at the end of December CC expiration and then provide details of future CCs on open positions and new positions as opened.

AUY (3 Different Positions Combined)
BTO 1500 shares Total Cost ($19,839.40) Original Cost not MTM adjusted
Income to Date $3,268.41
Average Holding of combined positions 169 days
Income 16.4% to date, Monthly 2.92 %, Annual 35.11%
15 10 Jan 09 calls were open at end of period and income is included above
If Exercised Net –7.97%, Monthly -1.59%, Annual -71.27% NOTE: Watch for buy back and roll out

I will post further Adjustments when made and new positions.
COST BTO 200 shares Total Cost ($14,579.94) Original Cost not MTM adjusted
Income to Date $1,608.74
Holding Period 167 Days
Income 11.03% to date, Monthly 1.98%, Annual 23.77%
STO 2 57.5 Jan 09 @0.9 Income $167.04
If Exercised -9/01% Net, Monthly -1.39%, Annual -16.96% Note: Watch for buy back and roll out

WMT BTO 200 shares Total Cost ($11,569.95) Original Cost not MTM adjusted
Income to Date $882.89
Holding Period 132
Income 7.63% to date, Monthly 1.73%, Annual 20.81%
STO 2 57.5 Jan 09 @1.48 Income $285.04
If Exercised 9.4% Net, Monthly 1.77%, Annual 21.59%

PFE BTO 300 shares ($5,112.35) Original Cost not MTM adjusted
Income to Date $537.12
Holding Period 70 Days
Income 10.51% to date, Monthly 4.50%, Annual 54.05%
STO 3 17.5 Jan 09 @1.65 Income $182.05
If Exercised 16.56%, Monthly 5.12%, Annual 62.33%

UYG BTO 300 shares ($1,782.92) Original Cost not MTM adjusted
Income to Date $140.04
Holding Period 9 days
Income 7.63% to date, Monthly 27.51%, Annual 334.76%
BTO 700 shares ($4,048.95)
Total Cost of position ($5,831.87)
STO 10 6 Jan 09 @0.60 Income $587.05
If Exercised 15.18 %, Monthly 12.65%, Annual 153.91%

AA BTO 300 shares @10.98 ($3303.38)
Income to Date $118.22
Holding Period 43
Income 3.58%, Monthly 2.69%, Annual 32.22%
STO 3 12.5 Jan 09 @0.21 Income $50.04
If Exercised 18.31%, Monthly 7.85%, Annual 95.49%

Account 2 Status and Comparison to Mutual Fund Account

This report reflects the status of Account 2 prior to opening of the market 22 Dec 2008 or after calls expired /exercised 19 Dec 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. Since this account is a business account as an active trader and utilizes Mark-to-Market (MTM) accounting, several positions that fell ITM were allowed to be exercised at a Loss. These positions would have been adjusted at year end to a loss as part of the MTM.

Closed Positions (37 positions)
Total Cost $185,315.61 on positions not closed ITM for MTM type action ( 29 positions)
Premiums earned and gains on above $10,674.92
Actual Net Gain 4.98%, Avg. Monthly 5.53%, Avg. 67.29%
Average Holding Period 27 days
Total Cost all Closed Positions ($314,075.22)
Total Gain/Loss on all Closed positions ($25,978.05)
Total Premiums&Dividends on all Closed Positions $21,994.00
Avg. Holding Period All 76 days
Avg Prem Gain 5.27%, Monthly 2.08%, Annual 24.96%

Open Positions (11 positions)
Total Cost $103,225.75 Original Cost-Not adjusted for MTM
Current Value $72,754.00
Income to Date $11,230.48
% Income to Date 10.88% (based on cost), Avg Monthly 3.15%
Average Holding Period 104 days
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 19 Dec
Account 2 (OpXpress) – 1.000 0.993 0.998 0.986 0.800 0.663 0.775
CFA Mutual Fund (RJF)– 1.000 0.971 0.980 0.943 0.687 0.562 0.633
Delta Acct 2 to CFA % 0 2.2% 1.8% 4.3% 10.0% 10.1% 14.2%

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. I will be repurchasing most of the stocks sold at a loss to reestablish the position.

Positions Called Out/Exercised Dec

The following positions were Exercised at a profit in Dec.
AUY, CAT, FCX, PRU, VZ

The following positons were ITM and Exercised in Dec. I elected to let them be called rather than buy back and roll out or up since they would be Marked to Market at year end.
APA, BA, GME, JPM, MS, RIMM, TRA, UNH

I will be adjusting remaining positions and determining what new positions to enter over the next few days.

New Position - PRU

PRU BTO 100 shares @25.62 ($2,571.95)
STO 1 25 Dec 08 @2.10 Income $197.04
Net If Exercised 4.48%, Monthly 33.58%, Annual 408.50%

New Position - UYG

UYG BTO 300 shares @$5.91 ($1,782.92) 12/10/08
STO 3 6 Dec 08 @0.51 Income $140.04
If Exercised 8.25%, Monthly 27.51%, Annual 334.76%

Preparing for End of Call Period

As we approach the Dec call date I am evaluating what actions to take. Many of my positions in Account 2 (10 at this time) are now ITM. Should I roll out/up or let expire. Since this account is an active trader account within a LLC and I use MTM accounting, I may elect to just let the positions be exercised. I can repurchase without wash sale concerns within the LLC to reestablish those positions that I feel should be continued. If other stocks offer better opportunities in the current environment, then I will establish a position with a new stock. THe overall goal beyond 2-3% cash per month is to grow the overall account value.

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.

Adjustments DD, RIMM, GME, MS

DD BTO 200 shares @ 34.60 ($6929.93)
STO 2 35Nov 08 @2.25 Income $437.04
BTC 2 35 Nov 08 @0.80 ($172.95)
STO 2 35 Nov 08 @ 1.00 Income $187.04
BTC 2 35 Nov 08 @0.40 ($92.95)
STO 2 32.5 Nov 08 @0.80 Income $147.04
BTC 2 32.5 Nov 08 @0.10 ($32.95)
STO 2 30 Nov 08 @0.45 Income $77.04
Net if Exerecised -4.45%, Monthly –4.31%, Annual –52.43% 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
If Exercised -47.17%% Net, Monthly -15.22%, Annual -185.13% NOTE: 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 $197.04
If Exercised -33.88% Net, Monthly -11.29%, Annual -137.42% NOTE: Will monitor for roll-out

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
Net if Exercised 0.72%, Monthly 0.69%, Annual 8.45%

New Positions - GM

My flyer for the month with a limited investment.

BTO GM 400 shares @2.98 ($1,201.35)
STO 4 3 Nov 08 @0.56 Income $211.04
If Exercised 16.63%, Monthly 49.88%, Annual 606.86%
If Not Exercised 17.57 %

BTO GM 300 shares @2.86 ($867.50)
STO 3 4 Nov 08 @0.26 Income $65.04
If Exercised 44.68%, Monthly 134.02%, Annual 1630.78%
If Not Exercised 7.5 %

Adjustments BA and WMT

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
Dividend 0.40 Income $80 Payable 12/5/08
Net if Exercised -11.78% Monthly RIE -3.21% Annual RIE -39.10% NOTE: Must 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
If Exercised Net 5.06%, Monthly 1.46%, Annual 17.77%

Adjustments TRA, CSCO and UNH

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
If Exercised net –37.24% - Monthly –9.47%, Annual –115.18% 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
Net If Exercised -17.43%, Monthly -5.62%, Annual -68.41% NOTE: Monitor for roll out

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
If Exercised - 29.76%Net, Monthly –9.60%, Annual –116.78% NOTE: Must monitor for roll-out

New Position - CAT

BTO CAT 100 shares @38.47 ($3,856.80)
STO 1 40 Nov 08 @1.56 Income $143.04
If Exercised 7.16%, Monthly 15.35%, Annual 186.77%
If Not Exercised 3.71%, Monthly 7.95%, Annual 95.4%

GME - Adjustment

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
If Exercised -10.61% Net, Monthly -3.54%, Annual -43.04% NOTE: Will monitor for roll-out

AA - New Position

Bought one of Dogs of DOW to hold for growth with CC and dividends during recovery.

AA BTO 300 shares @10.98 ($3303.38)
STO 3 12.5 Nov 08 @0.27 Income 68.04
If Not Exercised 2.06%, Monthly 4.10%, Annual 49.2%
If Exercised 15.28%, Monthly 30.56%, Annual 371.78%

PFE Adjustment

Dividend declared for PFE

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
Dividend 0.32 Income $96.00 Payable 2 Dec 08
Net if Exercised 11.38%, Monthly 8.13%, Annual 98.90%

MSFT & GE- Adjustments

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
If Exercised Net –0.82%, Monthly -0.27%, Annual -3.23% Note: 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
If Exercised -14.26% Net, Monthly –4.60%, Annual –55.96% NOTE: Must monitor for roll-out

Adjustments the Past 4 Days

I have been on the road for the past 4 trading days and have done trades with BTC/STO placed the night before. Following are the adjustments to my account during that time.

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
Net if Exercised -29.19% - Monthly –6.30% - Annual -76.66% 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
If Exercised -11.13 Net, Monthly -3.71%, Annual -45.15% 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)
Net if Exercised 0.92 %, Monthly 0.20%, Annual 2.42% 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
Net if Exercised 10.47%, Monthly 8.26%, Annual 100.54%

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
Net if Exercised 2.19%, Monthly 1.31%, Annual 15.97%

DD BTO 200 shares @ 34.60 ($6929.93)
STO 2 35Nov 08 @2.25 Income $437.04
BTC 2 35 Nov 08 @0.80 ($172.95)
STO 2 35 Nov 08 @ 1.00 Income $187.04
BTC 2 35 Nov 08 @0.40 ($92.95)
STO 2 32.5 Nov 08 @0.80 Income $147.04
Net if Exerecised 0.94%, Monthly 0.91%, Annual 11.10%

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)
If Exercised -39.91%% Net, Monthly -12.87%, Annual -156.63% 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
If Exercised net –32.65% - Monthly –8.30%, Annual –100.99% 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
Net If Exercised -13.66%, Monthly -4.40%, Annual -53.57% 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 3 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
Dividend 0.46 Payable 11/3/08 Income $138.00
If Exercised net 2.19% - Monthly 0.56%, Annual 6.76%

BTC Adjustments - Weds.

The following positions were BTC today. I normally do not BTC unless 80% of premium is locked within the first 2 weeks of the period. However, I considered the large drop so quick in the period and chance to BTC and then resell to a larger total gain for the month. I will either resell CCs either when the market rebounds or will lower OTM position in next week or two. The returns shown are for the strike price just closed and represent an RIU. They will be updated when a new CC position is established.

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)
If Exercised - 24.72%Net, Monthly –7.97%, Annual –97.02% NOTE: Must 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)
If Exercised net –23.84% - Monthly –6.06%, Annual –73.75% NOTE: Must 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)
Net if Exercised -25.06% - Monthly –5.41% - Annual -65.81% 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)
If Exercised -0.53% Net, Monthly -0.18%, Annual -2.17% 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)
Net if Exercised 0.92 %, Monthly 0.20%, Annual 2.42% 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)
Net if Exercised 6.38%, Monthly 5.03%, Annual 61.25%

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)
Net if Exercised 5.95%, Monthly 3.57%, Annual 43.43%

DD BTO 200 shares @ 34.60 ($6929.93)

STO 2 35Nov 08 @2.25 Income $437.04
BTC 2 35 Nov 08 @0.80 ($172.95)
Net if Exerecised 4.68%, Monthly 4.53%, Annual 55.08%

Adjustments for Nov

Adjustments for Nov, I sold some PUTS to try and increase cash flow. The income for these PUTS was put in my current position. If I have to buy any of the PUTS at the end of the period I will open a new position or combine the additional shares with the old shares to average down the current position. In all cases I currently own shares and am willing to increase my position at the proper price.

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
Dividend 0.46 Payable 11/3/08 Income $138.00
If Exercised net 2.67% - Monthly 0.68%, Annual 8.25%

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
If Exercised 0.3% Net, Monthly 0.10%, Annual 1.23% NOTE: Will 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
If Exercised -32.64%% Net, Monthly -10.53%, Annual -128.12% 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
If Exercised net –23.14% - Monthly –5.88%, Annual –71.57% NOTE: Must monitor for roll-out

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
Net if Exercised -4.87% Monthly RIE -1.33% Annual RIE -16.16% NOTE: Must monitor for roll-out

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
Net if Exercised 7.10%, Monthly 6.94%, Annual 84.47%

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
If Exercised 6.18%, Monthly 3.78%, Annual 46.03%

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 30 Nov08 @0.20 Income $67.04
If Exercised -13.87% Net, Monthly –4.47%, Annual –54.42% 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
If Exercised -20.13% Net, Monthly –6.64%, Annual -80.75% 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
Net if Exercised -41.52% - Monthly -8.96% - Annual -109.03% 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
Net if Exercised -28.43% - Monthly -7.55% - Annual -91.82% NOTE: 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
Net if Exercised 1.22 %, Monthly 0.26%, Annual 3.20% 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
Net if Exercised 9.50%, Monthly 6.79%, Annual 82.58%

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
If Exercised Net 2.37%, Monthly 0.77%, Annual 9.31% Note: Monitor for roll out

New Positions - DD and MS

DD BTO 200 shares @ 34.60 ($6929.93)
STO 2 35Nov 08 @2.25 Income 437.04
Net if Exerecised 7.17%, Monthly 6.94%, Annual 84.47%

MS BTO 300 shares @20.26 ($6,087.50)
STO 3 17.5Nov 08 @4.30 Income $1,277.04
Net if Exercised 7.06%, Monthly 6.83%, Annual 83.09%

Comparison of CC Account and Mutual Fund Account

This report reflects the status of Account 2 prior to opening of the market 19 Oct 2008 or after calls expired /exercised 16 Oct 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. Four positions were added to the closed positions this month.

Closed Positions (21 positions)
Total Cost $177,185.75
Total Gain $7,873.91
Actual Net Gain 4.28%, Avg. Monthly 6.05%, Avg. 73.66%
Average Holding Period 21 days

Open Positions (19 positions, 6 open for Nov)
Total Cost $198,573.82
Current Value $ 159,971.11
Income to Date $15,786.45
% Income to Date 7.95% (based on cost), Avg Monthly 3.41%
Average Holding Period 70 (includes holding with sold Nov calls till expire or exercise)

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
Account 2 (OpXpress) – 1.000 0.993 0.998 0.986 0.800
CFA Mutual Fund (RJF)– 1.000 0.971 0.980 0.943 0.687
Delta Acct 2 to CFA % 0 2.2% 1.8% 4.3% 11.2%

As with most accounts, Sep/Oct has been hard on account values. The drop off has been rather dramatic. Currently, I will be under water with about 50% of my open positions when I sell my calls for Nov. 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.

Assigned/Exercised Positions - MS, PFE, JPM

All this positions were established ITM. Now the work begins to determine adjustments for remaining positions.

JPM BTO 300 shares @ $41.14 ($12,351.50)
STO 3 37.5 JPM Oct 08 @5.36 Income $1595.04
Dividend $114.00 payable 10/31 Exercised
If Exercised 4.84%, Monthly 6.05%, Annual 73.58%


MS BTO 200 shares @19.55 ($3,919.65)
STO 2 19 Oct 08 @ 1.60 Income $307.04
BTC 2 19 Oct 08 @0.95 ($202.95)
STO 2 17.5 Oct 08 @ 1.5 Income $287.04
BTC 2 17.5 Oct 08 @1.70 ($352.95)
STO 2 19 Oct 08 @1.00 Income $187.04 Exercised
Net if Exercised 2.44 %, Monthly 36.59%, Annual 445.21%

MS BTO 200 shares @$17.77 ($3563.65)
STO 2 20 Oct 08 @2.70 Income $527.04
BTC 2 20 Oct 08 @1.1 ($232.95)
STO 2 17.5 Oct 08 @ 1.90 Income $367.04
BTC 2 17.5 Oct 08 @ 1.35 ($282.95)
STO 2 14 Oct 08 @22.50 Income 487.04
BTC 2 14 Oct 08 @3.10 ($632.95)
STO 2 17.5 Oct 08 @1.10 Income $207.04
Dividend 0.27 Income $54.00 Payable 10/31/08 Exercised
If Exercised 11.78%, Monthly 35.33%, Annual 429.88%

PFE BTO 200 shares @15.2 ($3049.55)
STO 2 15 Oct 08 @0.86 Income 159.04 Exercised
Net If Exercised 3.26%, Monthly 13.99%, Annual $170.20

Adjustments UNH and APA

I relearned a lesson on UNH by being to aggressive on the call I sold and had to pay a real penalty to get out. It does not pay to be overly aggressive in a down market. Hopefully, I will remember this lesson. It will not take much longer to recover from the hole I am in on UNH.

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
If Exercised - 44.53%Net, Monthly –14.36%, Annual –175.77% NOTE: Must 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 20 Oct
STO 1 90 Nov 08 @ 4.10 Income $397.04
Net if Exercised -25.06% - Monthly –5.41% - Annual -65.81% NOTE: Must Monitor for roll out

Adjustments WMT, MSFT, CSCO

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
If Exercised Net 9.07%, Monthly 2.62%, Annual 31.84%

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
If Exercised Net 1.68%, Monthly 0.54%, Annual 6.61%

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
Net If Exercised --10.51%, Monthly -3.39%, Annual -41.25% NOTE: Monitor for roll out

New Position - MS - Morgan Stanley

MS BTO 200 shares @19.55 ($3,919.65)
STO 2 19 Oct 08 @ 1.60 Income $307.04
RIU 7.83%, Net if Exercised 4.53 %, Monthly 67.90%, Annual 826.17%

Adjustment - MS - Morgan Stanley

MS BTO 200 shares @$17.77 ($3563.65)
STO 2 20 Oct 08 @2.70 Income $527.04
BTC 2 20 Oct 08 @1.1 ($232.95)
STO 2 17.5 Oct 08 @ 1.90 Income $367.04
BTC 2 17.5 Oct 08 @ 1.35 ($282.95)
STO 2 14 Oct 08 @22.50 Income 487.04
BTC 2 14 Oct 08 @3.10 ($632.95)
STO 2 17.5 Oct 08 @1.10 Income $207.04
Dividend 0.27 Income $54.00 Payable 10/31/08
If Exercised 11.78%, Monthly 35.33%, Annual 429.88%

New Position - AUY

I expanded my holding in AUY by opening another position. I believe AUY will be up by year end.

AUY BTO 500 shares @5.46 ($2739.45)
STO 5 5 Nov 08 @ 1.20 Income $587.04
Net if Exercised 12.33%, Monthly 9.73%, Annual 118.39%

New Positions - PFE

This position was opened Thursday.

PFE BTO 300 shares @17.01 ($5112.35)
STO 3 17.5 Oct 08 @0.42 Income $113.04
Net if Exercised 4.71%, Monthly 17.66%, Annual 214.85%

This position was opened Fri.

PFE BTO 200 shares @15.2 ($3049.55)
STO 2 15 Oct 08 @0.86 Income 159.04
Net If Exercised 3.26%, Monthly 13.99%, Annual $170.20

Adjustment MS - Morgan Stanley

I have improved my downside position on MS. I still think it will bounce but slower than originally anticipated.

MS BTO 200 shares @$17.77 ($3563.65)
STO 2 20 Oct 08 @2.70 Income $527.04
BTC 2 20 Oct 08 @1.1 ($232.95)
STO 2 17.5 Oct 08 @ 1.90 Income $367.04
If Exercised 16.49%, Monthly 49.46%, Annual 601.77%

New Position MS - Morgan Stanley

I believe the Japan deal will go through and the stock will rebound.

MS BTO 200 shares @$17.77 ($3563.65)
STO 2 20 Oct 08 @2.70 Income $527.04
If Exercised 26.75%, Monthly 80.26%, Annual 976.54%

Adjustment CSCO, RIMM, TRA, APA

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
If Exercised -7.95%, Monthly -4.04%, Annual -49.19% 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
If Exercised -29.69%% Net, Monthly -15.09%, Annual -183.65% 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
If Exercised net –37.15% - Monthly –13.27%, Annual –161.42% NOTE: Must 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
Net if Exercised -20.78% - Monthly –5.94% - Annual -72.25% NOTE: Monitor for roll out

Adjustments AUY and COST

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
If Exercised -12.47% Net, Monthly –6.56%, Annual -79.83% 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
Net if Exercised -36.54% - Monthly -10.44% - Annual -127.04% 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
Net if Exercised -22.05% - Monthly -8.37% - Annual -101.89% NOTE: 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
Net if Exercised 0.59 %, Monthly 0.17%, Annual 2.04% NOTE: Monitor for roll out

New Position GE

New Position Thursday

GE BTO 200 shares @ $22.46 ($4,501.93)
STO 2 22 Oct 08 @1.65 Income $317.04
If Exercised 4.56%, Monthly 9.11%, Annual 110.89%

Adjustments AUY and TRA

Adjustments Thursday

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
If Exercised 5.70% Net, Monthly 3.00%, Annual 36.47%

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
Net if Exercised -24.76% - Monthly -7.07% - Annual -86.06% 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
Net if Exercised -6.95% - Monthly -2.64% - Annual -32.13% 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
If Exercised net –7.85% - Monthly –2.80%, Annual –34.09% NOTE: Must monitor for roll-out

JPM New Position

Entered new positon in JPM early AM Weds.

JPM BTO 300 shares @47.27 ($14,190.95)
STO 3 45 Oct 08 @ 4.17 Income $1238.04
Net if Exercised 3.79%, Monthly 7.10%, Annual 86.35%

Adjustments BA and GE

Adjustments were made today (Tuesday) on GE and BA. Following is an update of the holdings.

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
Net if Exercised 2.26% Monthly RIE 0.89% Annual RIE 10.87%

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
Dividend $124 Payable 27 Oct
If Exercised -5.11% Net, Monthly –2.60%, Annual –31.6% NOTE: Must monitor for roll-out

Adjustments RIMM and TRA

These trades were made over the last couple of days. I have been away from home for several days and am just catching this blog up to date.

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
If Exercised -14.56%% Net, Monthly -7.4%, Annual 90.05% 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
If Exercised net –8.08% - Monthly –2.89%, Annual –35.10% NOTE: Must monitor for roll-out

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.

Exercised Positions Sep - AIG, SPLS, JPM, XHB

A total of 4 positions were exercised between accounts 1 and 2.

Exercised/Closed Positions Account 2
AIG BTO 1000 shares @2.06 ($2069.95)
STO 10 2.50 Sep 08 @0.20 Income $187.04 Exercised
Exercised 29.33%, Monthly 439.97%, Annual 5352.93%

SPLS BTO 500 shares @23.45 ($11,734.20)
STO 5 22.5 Sep 08 @ 1.90 Income $937.04 Exercised
Exercised 3.77% Net, Monthly 3.77%, Annual 45.92%

JPM BTO 300 shares JPM @ 40.19 Total ($12,066.95)
STO 3 40JPM Aug08 @ 1.99 Income $584.04 Expired
STO 3 40 JPM Sep08 @ 0.95 Income $272.04 Exercised
Exercised net 6.46% - Monthly 3.34%, Annual 40.63%

Exercised/Closed Position Account 1
XHB Net Return 8.25% in 109 days, 2.27% Monthly and 27.2% Annual

PHM - Position Added Account 1

Pulte Homes
PHM BTO 100 shares @17.2699 ($1733.99)
STO 1 17.5 Oct 08 @1.65 Net Income $156.74
RIU 9.04%, RIE 8.98%, Monthly RIE 9.62%, Annual RIE 115.5%

Pulte Homes and Toll Brothers are the 2 strongest (best financial position, cash available) home builders in US. They will probably lead the new home recovery area.

GE Rolled Out

With the high probability that GE would be suspended from short trading by Monday, I decided to roll it out today.

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
Dividend $124 Payable 27 Oct
If Exercised 3.71% Net, Monthly 1.89%, Annual 22.94%

APA Rolled Out and Up

APA was adjusted today because of sudden spike in price. 120 Sep call rolled out and up to 135 Oct call

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
Net if Exercised 2.79% - Monthly 0.80% - Annual 9.69%

AIG - Gamble of the Month

Gamble of the month.

AIG BTO 1000 shares @2.06 ($2069.95)
STO 10 2.50 Sep 08 @0.20 Income $187.04
If Exercised 29.33%, Monthly 439.97%, Annual 5352.93%
If Not Exercised 9.04%

McCain - Palin and Topsy Turby Stock Market

The market is as topsy turby as the political polls. It is difficult to determine whether to roll out calls or ride them out since the ups and downs are fairly dramatic. I am continuing to follow calls. Currently 4 or 5 maybe called but could go either way. Gold and Oil are really killing me this month.

GME Position Adjusted

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
If Exercised 9.06% Net, Monthly 9.70%, Annual 118.05%

New Position - Gamestop - GME

Gamestop dropped about 6% even with a good earnings report. With new games being released and the Christmas season coming soon, I feel good about Gamestop the last 2 quarters of 08 and opened a position Thursday.

GME BTO 300 shares @40.94 ($12,292.95)
STO 3 40 Sep 08 @2.80 Income $827.04
If Exercised 4.26% Net, Monthly 4.57%, Annual 55.58%

GOLD Rush - AUY

With the upgrade of AUY today, I decided to buy some more.

AUY BTO 500 shares @ 10.58 ($5,299.45)
STO 5 11 AUY Sep 08 @ 0.55 Income $262.04
If Exercised 8.54% Net, Monthly 8.83%, Annual 107.49%

SPLS New Position

I opened a new position of SPLS in Account 2 - 8/19/08

SPLS BTO 500 shares @23.45 ($11,734.20)
STO 5 22.5 Sep 08 @ 1.90 Income $937.04
If Exercised 3.77% Net, Monthly 3.77%, Annual 45.92%

RIMM, UNH, MSFT, GE, CSCO New Positions

The following positions were opened 8/18/08 in Account 2.

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
If Exercised 2.67% Net, Monthly 2.58%, Annual 31.41%

UNH BTO 400 shares @32.69 ($13,085.20)
STO 4 35 Sep 08 @ 0.70 Income $267.04
If Exercised 8.96%Net, Monthly 8.67%, Annual 105.44%

MSFT BTO 400 shares @ 27.97 ($11,197.55)
STO 4 28 Sep 08 @ 0.85 Income $323.04
Dividend 0.11/share Income $44.00 Payable 9/11
If Exercised 3.21%, Monthly 3.11%, Annual 37.80%

GE BTO 400 shares @ 29.86 ($11,953.95)
STO 4 30 Sep 08 @0.78 Income $267.04
If Exercised 2.80% Net, Monthly 2.71%, Annual 33.01%

CSCO BTO 500 shares @ 24.89 ($12,454.45)
STO 5 25 Sep 08 @0.77 Income 372.04
If Exercised 3.27%, Monthly 3.17%, Annual 38.53%

Positons Adjusted - TRA, JPM, APA, AUY, VZ

The following positons in Account 2 were adjusted today.

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
Dividend 0.10/share Income $30.00
If Exercised net 10.85% - Monthly 5.81%, Annual 70.73%

JPM BTO 300 shares JPM @ 40.19 Total ($12,066.95)
STO 3 40JPM Aug08 @ 1.99 Income $584.04 Expired
STO 3 40 JPM Sep08 @ 0.95 Income $272.04
If Exercised net 6.46% - Monthly 3.34%, Annual 40.63%

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
Net if Exercised -0.64% - Monthly –0.25% - Annual -3.04% NOTE: Must watch and not let be exercised.

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
Net if Exercised 4.63% - Monthly 2.72% - Annual 33.11%

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
If Exercised net 4.93% - Monthly 2.64%, Annual 32.15%

AUY Position Closed

One position of AUY was closed today. It is the position bought just last week.

AUY BTO 500 shares @ 9.52 ($4,769.45)
STO 5 10 AUY Aug 08 @ 0.15 Income $62.04
STC 500 shares @ $10.29 Income $5135.52
Net 8.98 %, Monthly 38.47%, Annual 468.04%

Account 2 Status and Comparison to Mutual Fund Account

This report reflects the status of Account 2 prior to opening of the market 18 Aug 2008 or after calls expired /exercised 15 Aug 2008. The account is compared to a Mutual Fund account. Initial funding for Account 2 was obtained from the Mutual Fund account.

Closed Positions (13 positions)
Total Cost $130,589.31
Total Gain $4,380.54
Net 3.35%, Avg. Monthly 4.29%, Avg. Annual 52.19%
Average Holding Period 23 days

Open Positions (7 positions, 3 have CCs against)
Total Cost $109,641.04
Current Value $ 98,111.00
Income to Date $6,116.07
% Income to Date 5.58% (based on cost)
Average Holding Period 34

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).

Account 2 (OpXpress) – Normalized Position – 0.998
CFA Mutual Fund (RJF)– Normalized Position - 0.980

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 2 value since I believe the stocks will recover in time.

12 Positions Exercised/Assigned Today

EXERCISED AUG 08
ACCOUNT 1
CSCO BTO 100 shares CSCO ($2,216.76)
STO 1 22 Aug 08 @ 0.88 Income Net $79.74 Exercised
Net 2.07% - Monthly 2.83%, Annual 33.9%

LDK
STO 1 45 Aug08 @ 0.85 net $76.74
BTC 1 45 Aug 08 @0.42 ($33.25)
STO 1 40 Aug 08 @0.55 net $46.74
If exercised net 3.45% - monthly 1.23%, annual 14.8%
Note: transactions before Aug not shown – Holding period 84 days

ACCOUNT 2
UNH
BTO 400 shares UNH @23.37 ($10,957.95)
STO 4 27.5 Aug08 @ 1.05 Income 407.04 Exercised
Net 3.98% - Monthly 5.69%, Annual 69.17%

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

RIMM BTO 100 shares @ 123.29
STO 1 115Jul08 @10.00 net $987.04 Expired
STO 1 120 Aug 08 @ 4.00 net $87.04 Exercised
Net 8.28% Monthly 5.78% - Annual 70.32%

SWHC BTO 1000 shares @ 5.09 ($5107.00)
STO 10 5 Sep08 @ Income $537.04 Exercised
Net 8.22% - Monthly 5.74%, Annual 69.82%

RRGB BTO 300 shares @ 29.20 ($8,769.93)
STO 3 25Sep08 @ Income $1457.00 Exercised
Net 2.02% - Monthly 1.64%, Annual 19.92%

SPLS BTO 500 shares @22.41 ($11,214.95)
STO 5 Aug08 @ 0.85 Income $412.04 Exercised
Net 3.87% - Monthly 5.81%, Annual 70.32%

WM BTO 1000 shares @ 4.03 ($4,039.95)
STO 10 3Aug08 @ 1.46 Income $1447.04 Exercised
Net 9.75% - Monthly 14.63%, Annual 178.0%

KO BTO 200 shares @ 51.51 ($10,311.95)
STO 2 50 Aug08 @ 2.00 Income $387.04 Exercised
Net 0.60%, Monthly 1.06%, Annual 12.93%

CVS BTO 300 shares @38.27 ($11,490.95)
STO 3 37.50Aug08 @ 1.85 Income $542.04 Exercised
Net 2.51%, Monthly 4.42%, Annual 53.83%

Busy Studying Positions That Could be Assigned

I am busy figuring out what to do with positions that could be exercised/assigned. Currently Account 1 has between 1 and 3 positions and Account 2 has between 9 and 12 positions that could be assigned. I have started the process to determine if I want to roll out any positions. I am also busy evaluations stocks to open positions in next week.

More Gold AUY Added Position

I increased my gold position at today price for AUY

AUY BTO 500 shares @ 9.52 ($4,769.45)
STO 5 10 AUY Aug 08 @ 0.15 Income $62.04
If Exercised Net 5.86 %, Monthly 43.97%, Annual 534.92%

COST Adjustment

Sold Sep calls today after buying back Aug 67.5 call a few days ago

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
Net if Exercised 6.32 %, Monthly 2.46%, Annual 29.95%

WMT - New Position

I decided with the drop in Wal-Mart today that I would buy some.


WMT BTO 200 shares @ 57.80 ($11,569.95)
STO 2 60 Sep 08 @ 1.20 Income $227.04
RIU 1.95% RIE 5.57% Monthly RIE 3.98% Annual RIE 48.38%

Review of Positions for Next Week

Starting to evaluate possibilities for next weeks expiration or exercise of calls. Do I want to let calls be exercised or to buy some of them back. Current almost half of the stocks in Account 2 could be called: CVS, GE, JPM, KO, RIMM, SPLS, UNH, WM. A couple of these of just out at current time. A couple of others are further out but could be in by next Friday. The current market is like a Yo-Yo and not very easy to predict if stocks will be called or not. I usually let the stocks be called and then repurchase. Trading in a Market to Market account all gains are short term so the only advantage of a roll out is savings of exercised commission which must be traded off against cost of buy back of option and repurchase of stock.

Boeing (BA) New Position

As Boeing bounces off a 3 year low I decided to enter a OTM position

BA BTO 200 shares @61.84 ($12377.95)
STO 2 65 Sep 08 @1.55 Income $297.04
Dividend 0.40 $80.00
RIU 3.0% RIE 7.9% Monthly RIE 4.98% Annual RIE 60.58%

Allen Greenspan

We all need to learn if Allen Greenspan is giving an interview or speech the market will go DOWN. He opened his mouth on CNBC and the market went down an additional 100+ points. He is still pusing a 50% chance of recession and the market does not want to hear that.

GOLD Run

Today all forms of gold up. Black GOLD (Coal) – Liquid GOLD (Oil) – and Real GOLD (Gold)
JRCC, APA, VLO, AUY and others.

CVS & KO New Positions - AUY Additional Position

Bought a couple of quality stocks (CVS, KO) today and sold ITM calls. Also increased AUY position with purchase of additional shares and selling of ITM calls.

KO BTO 200 shares @ 51.51 ($10,311.95)
STO 2 50 Aug08 @ 2.00 Income $387.04
If Exercised Net 0.60%, Monthly 1.06%, Annual 12.93%

AUY BTO 500 shares @ 12.73 ($6,374.95)
STO 5 12Aug08 @ 1.10 Income $537.04
If Exercised Net 2.34%, Monthly 4.13%, Annual 50.21%

CVS BTO 300 shares @38.27 ($11,490.95)
BTO 3 37.50Aug08 @ 1.85 Income $542.04
If Exercised Net 2.51%, Monthly 4.42%, Annual 53.83%

Market to Market Accounting

One method to write off paper losses against CC income is to use Market to Market accounting. The end of the year the paper gains and losses of all positions are adjusted to the price the last day of the year. This assists with large underwater stocks. The new adjusted price becomes the new cost for tax purposes so you are only deferring the gains tax until the positions recovers.

Market to Market can be done by Active Traders. I have set up an LLC to do my trading in. This helps to establish the trading as a business for IRS purposes and permits immediate establishment of Market to Market accounting for trades.Several sites are available on the internet about this topic.

I use Traders Accounting. www.tradersaccounting.com Here is another site with information
http://www.armencom p.com/mark- to-market. html

Gamble of Day on WM

I am taking a real flyer on this one.

WM BTO 1000 shares @ 4.03 ($4,039.95)
STO 10 3Aug08 @ 1.46 Income $1447.04
If Exercised net 9.75% - Monthly 14.63%, Annual 178.0%
Downside Protection >36%

SPLS New Position & APA Adjusted

I opened a new position in Staples (SPLS) and adjusted my position in APA.

SPLS BTO 500 shares @22.41 ($11,214.95)
STO 5 Aug08 @ 0.85 Income $412.04
If Exercised net 3.87% - Monthly 5.81%, Annual 70.32%


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
Net if Exercised -4.56% - Monthly –3.18% - Annual -38.68% NOTE: Must watch and not let be exercised.

TRA Rolled Out and Up

With the jump in TRA based on its earnings report, I decided to BTC my Aug 45 position and STO an Aug 50 position. Summary of TRA position below:

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
If Exercised net 7.33% - Monthly 10.00%, Annual 121.62%

United Health, UNH, New Position

Today I purchased UNH (United Health) and open CCs. I wanted to add a health position to diversify my portfolio.

UNH
BTO 400 shares UNH @23.37 ($10,957.95)
STO 4 27.5 Aug08 @ 1.05 Income 407.04
If Exercised net 3.98% - Monthly 5.69%, Annual 69.17%

COST - Cost Continuing Action

I took a chance on a reduced CC position on COST today since it had a major drop in price.

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
Net if Exercised -1.2% NOTE: I must watch can NOT let it be exercised, will roll out if necessary

CSCO, VZ, TRA - New Positions

The following new positions were established today. All were ATM.

Account 1
CSCO
BTO 100 shares CSCO ($2,216.76)
STO 1 22 Aug 08 @ 0.88 Income Net $79.74
If Exercised net 2.07% - Monthly 2.83%, Annual 33.9%
If not exercised 3.6%

Account 2
VZ
BTO 300 shares VZ ($10,809.95)
STO 3 35 Aug 08 @ 1.72 Income $503.04
If Exercised net 1.67% - Monthly 2.27%, Annual 27.64%

TRA
BTO 300 shares TRA ($14,625.95)
STO 3 45 Aug 08 @ 5.90 Income $1,757.04
If Exercised net 4.23% - Monthly 5.76%, Annual 70.11%

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.

Continuing Positions Account 1 - AUY, JRCC, LDK

Continuing Positions in Account 1 – All trades to date are not shown but exercised positions shown include all transactions and commissions for net for each position.

AUY
STO 1 16 Aug 08 @ 0.25 net $16.74
If exercised net 0.83% - monthly 0.18%, annual 2.1%

AUY
STO 2 15 Aug 08 @ 0.50 net $90.49
If exercised net 17.8% - monthly 4.08%, annual 48.9%

JRCC
STO 2 50 Aug 08 @ 3.85 net $753.48
If exercised net 5.09% - monthly 2.94%, annual 35.3%

LDK
STO 1 45 Aug08 @ 0.85 net $76.74
If exercised net 14.16% - monthly 5.06%, annual 60.7%

APA, AUY, COST, and RIMM Continuing Positions Established

The following continuing positions were established today in Account 2.

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
Net if Exercised 2.16% - Monthly 1.51% - Annual 18.35%

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
Net if Exercised 5.01% - Monthly 3.50% - Annual 42.57%

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
Net if Exercised 8.22% - Monthly 5.73% - Annual 69.77%

RIMM BTO 100 shares @ 123.29
STO 1 115Jul08 @10.00 net $987.04 Expired
STO 1 120 Aug 08 @ 4.00 net $87.04
Net if Exercised 8.28% Monthly 5.78% - Annual 70.32%

Call Exercised - July BMY, SCHW, VZ, GE, JPM, TRA

While on vacation the following options were exercised:
ACCOUNT 1
BMY net after 22 days 2.51% (includes dividend to be paid) monthly 3.42%, annual 49.6%
SCHW net after 168 days 6.34 %, monthly 1.13%, annual 14.5%

ACCOUNT 2
GE net after 16 days 2.44%, monthly 4.57%, annual 55.66%
JPM net after 15 days 1.64%, monthly 3.28%, annual 39.95%
TRA net after 16 days 1.69%, monthly 3.17%, annual 38.62%
VZ net after 16 days 1.87%, monthly 3.51%, annual 42.70%

All returns include commissions. I am now evaluating remaining stocks and determining next actions: sell stock, sell options, etc. I am also evaluating new positions to establish.

Header Out on Vacation - Will Monitor Positions

I will be on vacation for the next week plus. I will return home on Sunday 20 in time for new CCs on Monday. Currently it looks like I will only have a few options exercised unless we see an untrend next week and with Freddie and Fannie I am not overly confident that will occur. I will have my computer with me and being checking as call Friday arrives to see if any actions are required.

OptionsXpress / CSE Customers

The rates shown on OptionsXpress site for CSE customers are verymisleading and the claim by CSE that the rates at OptionsXpress aregood is misleading. To get the 1.25 per contract rate you must buymore than 10 contracts for an individual stock and maintain over 35contract trades per quarter. The per quarter requirement is OK. Butwho can made 10 or more contracts for every stock they trade.Otherwise the rate is 12.95 per trade of options on each stock. That is 1 conctract is 12.95 or 3 contracts are 12.95 total.

Beware if you are considering using OptionsXpress. I am trying to getinfo from CSE/Joe to see their position since they are pushingOptionsXpress.

Red Robin Gourmet Burger (RRGB) Added

Purchased RRGM and sold CC today.
BTO 300 shares RRGB @ $29.20
STO 3 25Aug08 @ 4.90 per share
Return if Exercised 2.58% , Monthly 2.10 %, Annual 24.78%
Downside Protection 16.64%

RRGM broke price broke through upward the fast MA

Bristol Myers Squibb Co. (BMY) Not Excercised

BMY went ex-dividend on 7/2/08 and my 20 Jul 08 call was not excerised. Therefore, I will receive the dividend 0.31 per share payable 8/1/08. The stock could still be exercised 7/18. If excercised on 18th the total income, when dividend paid, will be 31.74 from CC and 31.00 from dividend for a total of $61.74 on a purchase of $1995.74. Monthly return - 3.27% and Annual return - 39.2% If not excerised I will evaluate whether to sell stock or sell another CC.

Guns and Cash - Todays Transactions

JPM BTO 300 shares @ 35.95
STO 3 32.5Jul08 @ 4.12
Net if Exercised 1.64% - Monthly 3.17% - Annual 37.41%

SWHC BTO 1000 shares @ 5.11
STO 10 5Aug08 @ .55
Not called 10.22% - Monthly 6.6% - Annual 77.71%
Called/Exercised 8.22% - Monthly 5.3% - Annual 62.5%

JPMs price tic finally broke through its fast MA (7day) so I bought ITM because of concern for earnings announcement on 17 Jul

I bought Smith Wesson (SWHC) because I believe the recent court ruling will result in additional hand gun sales. I do not like to buy stocks for less than $15 but I have made good money on SWHC in the past and it pays good cash as a CC.

New Transactions - APA, COST, AUY, TRA, RIMM, GE, VZ

All the following positions were established today either slightly or more deeply ITM. Therefore, the unexercised return is the same as the exercised return, within fractions of a % since the only difference is the commission on an assigned transaction. The net percentages given include all commissions. The current bear market and only2 weeks left in the CC period both influenced my decision to be conservative.
APA BTO 100 shares @ 143.55
STO 1 135Jul08 @ 10.20
Downside Protection 6.95%
Net if Exercised 1.01% - Monthly 1.89% - Annual 23.0%

COST BTO 200 shares @72.85
STO 2 72.5Jul08 @ 1.85
Downside Protection 2.41%
Net if Exercised 1.91% - Monthly 3.58% - Annual 43.57%

AUY BTO 500 shares @ 16.31
STO 5 15Jul08 @ 1.5
Downside Protection 9.0%
Net if Exercised 0.9% - Monthly 1.74% - Annual 20.53%

TRA BTO 200 shares @ 49.89
STO 2 45Jul08 @ 5.90
Downside Protection 11.62%
Net if Exercised 1.96% - Monthly 3.79% - Annual 44.71%

RIMM BTO 100 shares @ 123.29
STO 1 115Jul08 @10.00
Downside Protection 7.94%
Net if Exercised 1.25% - Monthly 2.42% - Annual 28.51%

GE BTO 500 shares @ 27.20
STO 5 27Jul08 @0.93
Downside Protection 3.27%
Net if Exercised 2.55% - Monthly 4.94% - Annual 58.17%

VZ BTO 300 shares @ 35.78
STO 3 35Jul08 @ 1.13
Downside Protection 2.96%
Net if Exercised 0.72% - Monthly 1.39% - Annual 16.42%

Well the market was up when I opened these transactions. However, I may wish I had moredownside protection after today.

APA, COST, AUY, RIMM Possible buys Tomorrow

My new account is now funded and I am looking at stocks to buy and sell CCs for Jul.
Candiadates are:
APA with CC ITM @135 for good downside.
COST with CC ATM @72.50
AUY with CC ITM @15
RIMM with CC ITM @115

Other possibilities depending on trend of price - need up for verification of up trend in stock price
VZ, GE, WMT, MCD

All will be reviewed to price trend before any action tomorrow.

Free Stock Screener

Thanks to Jeff for locating this screener.

"I have recently decided to increase the weighting of free cash flow yield in my Covered Calls Analysis Sheet. The three screeners I currently utilize (Schwab, MarketGrader. com, Value Line Daily Options Survey) do not presently have a 'free cash flow'-related variable available to screen against. So I was pleased to find this site today:
http://finviz. com/screener. ashx
Check it out. You might find it useful.
Two of the variables they provide that are nice are 'price/free cash flow' and whether or not a stock is 'optionable' .
I just did a screen with eleven variables and it came back with 30 companies -- the variables were: EPS growth next 5 years>10%; Current Ratio>1; P/E<20;>10%; Debt/Equity<.6; Otpionable; and Stock Price>$10.
Jeff"

I have tried this screener and find it very helpful. I also provides access to lots of information on stocks in a very rapid maner. Give it a try.

Research Today

I have started research for opening a new CC account next Weds. I am reviewing two types of positions: 1) deep ITM calls on blue chip stocks (10+%) downside protection and 2) ATM positions on other blue chip stocks. The first category includes review of stocks like: NUE, APA, RIMM, AUY and the second category includes stocks like: WMT, MCD, COST. I will not be buying several stocks within the same sector. Will continue review thru next Tues/Weds AM before any decisions. The market is so volatile now that continual review is necessary.

BMY Bought and Sold CC

BMY bought for play on dividend

BTO BMY 100 Shares @ $1995.74 includes commission
BTO 20BMYJul08 @ 0.4 Net $31.74
Goes Ex-Dividend 2 Jul - Dividend is 0.31 per share
YieldsIf Called for Dividend 1% in 6 days 4.76% per month or 57.1% per year
If not called for dividend 3.1% if exercised Jul

Bad Day for Account Values

The market today was really rough on account values. AUY and JRCC both helped my bottom line today. However, JRCC has been hard hit this week. I am glad I sold JRCC CCs deep ITM (@50).

PMI Bought Back and Watching TIE Dec 08

BTC 5PMIJan09 @ 0.60 Net after commissions $43.49
Represents 4.5% against original purchase price
Income to date has break even point at $7.65 per share

Watching TIE
STO 15TIEDec08 @ 2.15 net of $206.74 after commisions
Currently at bid 1.70 and ask 1.80
Price and MAs are stacked down indicating it should continue down some more before reversing, will have to watch to capture what ever income I can.
Current break even point is $16.41 without any income from Dec08 position.

PMI - Watching Jan 09 CC

I am watching 5Jan09 CC on PMI for buy back. I sold the Jan 09 for 1.20 per share an it is currently at 0.50 bid and 0.60 ask. I would like to ride it on down but will buy back immediately if it starts back up. I bought the CC late May. PMI is one of the dogs I am managing: paid 9.71 per share and have generated $162.70 income to date without the 5Jan09 income. Still along way to go to break even. Really need some appreciation in the current stock price to help.

XHB and AUY Additional Calls Sold Today

STO 1 contract 16 AUYJul 08 0.30 net $21.74
Uncalled 1.3%
Will post called when closed, several months of calls

STO 1 contract 19 XHBJul08 0.40 net $31.74
Uncalled 1.6%
Will post called when closed, several months of calls

Decided to take the lower near month income rather than sell out month and buy back for higher return - near term is lower risk and requires less management effort

JRCC, AUY, SCHW, LDK, VLO Actions Today

BTO 200 shares JRCC @60.44 $12088
STO 2 contracts 50 JRCCJul08 @12.5o $2490.48 after commissions
Uncalled 20.6% Good downside protection
Called 3.2 %
Bought to be called

STO 2 contracts 15 AUYJul08 @ 0.50 net $90.49
Uncalled 3.11%
Called will be higher with all income to date. Will report when called

STO 1 Contract 40 LDK @ 2.50 net $241.74
Uncalled 5.3%
Called at 40 will be loss for Jul only but with Jun call income will be net 1.5%

STO 1 contract 22.5 SCHWJul08 @ 0.55 net $46.74
Uncalled 2.1%
Called will be reported when called have had for several months

STO 1 contract 50 VLOJul08 @ 0.38 net $29.74
Uncalled 0.6%
Called will be reported when called since bought last month