Today I sold 6 BVF Jan10 15 Covered Calls for a net deposit of $455.47 in two IRA accounts, 4 in one and 2 in the other.  My basis for these BVF shares is now $14.60 and $18.45, respectively, excluding dividends received.

That sounds better than it actually is though.  Back on Jul 27, I had BTC Aug08 12.50 Covered Calls because I thought that the price was getting away from me and I did not want them called away.  As it turns out, BVF has been falling since then and I should have just waited until closer to the expiration date.  But, who knew?  So, I traded 694.04 for a possible additional $1500 if the stock is called away at my current strike price.  Unless called away early I should still collect at least 2 additional quarters of dividends, which at the current deflated level would be an additional $108.

I am not as happy with BVF since they lowered the dividend to .09 from the previous .38 per quarter.  They are in good company though with the dividend decrease.  I suspect that the dividends will recover one day along with everything else.