I was assigned 2 WFC Jun08 27.50 Puts over the weekend.  I sold 2 WFC Jul08 27.50 Calls for a net deposit of $60.50 in my taxable account.  My basis for these WFC shares is now 26.50 after accounting for accumulated option premiums.

I had originally thought I would sell WFC 30 Calls to catch some additional upside on the stock if it should move that far.  In my haste I instead sold the Jul08 27.50 calls.  WFC moved up .94 today to 25.20.  It is not that close to 27.50 just yet but if this is the beginning of a trend I will need to roll it out before long if I really want to make more from owning this stock.

WFC does pay a .17 per quarter dividend for a 2.7% annualized return.  Not the greatest in the world but not too bad either.