On Friday (4/18/08) I BTC 2 WFC Jul08 27.50 Covered Calls and STO 2 WFC Oct08 30 Covered Calls for a net deposit of $191.01 in my taxable account.  My basis in these WFC shares is now 25.55.

I continue to hold WFC because of its dividend (Just raised to .34 per quarter) and because of the Covered Calls I can write (sell) on it.  I wrote my current calls a little further out than normal so that I could also raise my strike price thereby earning an additional $500 if I am called away.

Even as I write about holding WFC I am listening to Jim Cramer’s show that I recorded last Monday (7/14).  Jim spoke then about not owning bank stocks today.  He listed several in particular not to own because of their basic fundamental flaws.  Several weeks ago Jim said that WFC is one of the stronger banks.  I am still going with that idea.