On 7/21/08, I BTC 2 GM Sep08 25 Calls and STO 2 GM Dec08 25 Calls for a net deposit of $121.00 in my taxable account.

The Sep08 GM Puts may have turned out okay but I was feeling more than a little vulnerable with the potential assignments in my taxable account so wanted to generate some additional cash to help mitigate the problem if I start getting assigned.  I would now own these GM shares at 20.76 if assigned.

I am still underwater in 3 other stocks in my taxable account (DSX, LVLT and RIO) which I may look to roll out also.  All of these stock are up right now though.  As they move up I feel less vulnerable.  LVLT in particular is a stock I don’t really want to own though.  I would really be okay if I was assigned the other two but would still prefer not to be assigned if possible.

One more thought in GM.  Some of the incentive for me to own GM is now gone since GM suspended the dividend.  The option premiums are still okay but the total return is now less.