Today I sold 12 GM Feb08 5 Covered Calls for a net deposit of $190.00 in two IRA accounts, six in each.  My basis for these GM shares is now 19.36 and 12.93 for the two lots.

GM seems to be trading in a range between just over 2.50 and just over 5.  I suspect that it will continue to behave about the same until late February when the automakers will probably begin to reveal their plans for the future as required by the bridge loans.  The plans are not required until sometime in March but I suspect leaks will occur earlier.

I may be naive but I think that GM will survive however the road to its former glory appears to be somewhat rocky.