On Tuesday, 5/20/08, I sold 2 IMB Jun08 2.50 Covered Calls for a net deposit of $20.50 in an IRA account.

Sigh!  Another bank stock that is doing poorly.  With this sale my basis in IMB is now $35.39.  That is pretty embarrassing but there it is.  One might ask why I don’t just sell it and move on.  It may just be inertia, but I ask myself can I do better with the amount I would receive or do better selling the Covered Calls.  Often it appears that the return on the current stock value by selling Covered Calls is better than the return I might get elsewhere.  It turns out that way so often that I don’t even check most of the time.