On 2/24/09, I sold 5 BP Mar09 45 Covered Calls for a net deposit of $113.25 in an IRA account.  My basis for these BP shares is now 62.70.

The premium I received this month exceeded what I received last month by $50 but I had to sell a lower strike price (50 last month) to do it.  BP has been trending down for most of February from a high of about 45 earlier in the month.  If it looks like the strike will be threatened I will roll it out and probably up so as to retain the stock.

BP is one of my core holdings.  It has a good and reliable dividend, currently at .84 per quarter.  Cramer and other analysts have regularly cited BP as a stock to own in these times for the reliable dividend.  I am considering selling a Mar09 35 Put but I am getting a little tight on available cash to support it right now so will probably not.