This morning I BTC 2 NYX Jun08 80 Puts and STO 2 NYX Sep08 80 Puts for a net deposit of $441.00 in an IRA account.

My basis in NYX if put to me at 80 would now be 65.84, well below it current price of 73.11.  I might actually let it be put to me in September and start collecting the dividends along with Covered Call premiums.  Or, who knows, this might keep going and I might end up owning the stock for $0.

Rolling these NYX puts out did several things for me.  It generated the additional $441, probably postponed an assignment, reduced my potential basis and locked in $1280 in premiums from the prior put sale which is the difference between what I garnered when I STO the Jun08 Puts and what it cost to BTC the Jun08 Puts.