This morning I sold 2 BAC Jan08 35 Covered Calls for a net deposit of $108.50 in an IRA account.

This represents an annualized return of 25.79% on my current basis.  Of course my current basis is 46.47 so I do not want this called away at this price.  I’ve been watching BAC since the May08 options expired looking for a chance to sell some Covered Calls at the 40 strike.  I would have had to go out to Aug08 or even Nov08 to get any kind of premium for the 40 strike price.  That is just too long for me.  I finally decided that BAC would probably not get above 35 in the next three weeks or, if it did I could roll it out and perhaps up.  In any case, the 35 Jun08 strike looked like the best option (no pun intended) for me at this time.  At some point the trigger needs to be pulled.