Yesterday I BTC 2 PM Aug08 55 Covered Calls and STO 2 Sep08 55 Covered Calls for a net deposit of $151.01 in an IRA account.  My basis for these PM shares is now 49.56.

With the exception of a couple of days early in August PM has been moving up since about mid July.  Although my basis for PM is well below the strike price I would rather keep it for its dividend and continue to milk the options for as long as I can.  PM may end up this week below the 55 strike price I did not want to take the chance that somebody would call it away early or have it called away on expiration which is the reason that I rolled it out early.  I considered rolling up to a higher strike price (60) but would have to gone farther out (Dec08) than I prefer and would have received only about $20 in net deposits.