I said that I would get my posting caught up yesterday.  Well…things didn’t work out that way.  So, maybe I can get everything caught up today.  Here goes…

On 7/22/08, I sold 2 BP Aug08 65 Covered Calls for a net deposit of $250.50 in an IRA account.  My basis for these BP shares is now 60.45 after option premiums but without considering dividend income.

I continue to like BP and the oil sector in general.  It is my belief that the current pullback in crude prices, while welcome, is temporary.  Of course temporary is an imprecise term. 

I also like the dividends that BP provides.  It is currently paying .8115 per share per quarter for an 5.16% annualized return.  That dividend plus the option premium makes for a pretty nice return on my investment.  I own a total of 500 BP shares in this IRA account.