On 7/22/08, I sold 2 CCJ Aug08 40 Covered Calls for a net deposit of $190.50 in an IRA account.  My basis for CCJ, excluding dividends, is now 36.95.

Although CCJ does pay a small dividend (.06 per share per quarter) it is not the primary reason that I own the stock.  The option premium is why I own the stock and my belief that uranium will become a more precious commodity as the world, and hopefully the US, turns more to building nuclear plants for generating electricity.

On 7/22/08, I sold 11 GGC Aug08 5 Covered Calls for a net deposit of $30.75 in my taxable account and an IRA account.  My basis, not considering dividends is now 17.40 and 19.09 for the two lots.

You may notice that chipping sound again as I slowlyreduce my basis in GGC.  GGC’s dividend, at .08 per share per quarter, is almost as much as the option premium.  There’s nothing else I have to say about GGC or even why I own it.  (You may guess that I first heard about it from Jim Cramer.)

On 7/22/08, I sold 2 BAC Aug08 35 Covered Calls for a net deposit of $56.50 in an IRA account.  After option premiums, but without considering dividends, my basis is now 45.77 for these BAC shares.

BAC pays a decent dividend at .64 per share per quarter for a 7.91% annualized return.  BAC reaffirmed this dividend in quarterly meeting.

I am still underwater with BAC but feel pretty good that it will end up being a good investment for me.  It would have been better to have gotten in at a better price though.  :-)  I am actually considering selling some new puts for BAC, perhaps at the 25 strike price.  If put to me it would reduce my average price nicely.  If not, it would be nice additional revenue.  By the way, I am considering doing the same for WFC which I think is probably a stronger bank.