This morning I STO 2 WFC Jun08 27.50 Puts for a net deposit of $140.50 in my taxable account.  That represents a 30.69% annualized return on the potential purchase price of WFC.

There is support around $27 and WFC pays a pretty good dividend (4.28% at current valuations) and opportunity to sell Covered Calls on it if happen to own it.  I was put 2 contracts at 30 a few months ago and sold calls at 32.50 which were called away the next month.  As WFC fluctuates down below 28 I like the opportunity to make this series of trades.  In general, I think that the banks (the better ones at least) are opportunities right now.  I also like Bank of America (BAC) and will consider selling some puts on it after options expire this week and I have some cash freed up.