Today, 2/21/12, I sold 11 HPQ Feb 24, 2012 $29 Puts for a net deposit of $568.66 in 5 IRA Accounts and in my Taxable Account.  My potential basis for these HPQ varies from about $29.07 to about $29.20.  These transactions represents simple returns of about 1.50% to about 1.91% and annualized returns of about 194.91% to about 220.08% on my potential basis with 3 days to expiration.

The WFC shares that I have been making weekly trades on were called away last week as I wrote about a couple of days ago.  In casting about for what to trade next, I investigated several stocks as suggested in that last post.  At time point, HPQ offered the best return of those I investigated.  It also offers the possibility of collecting a .12 dividend if I am assigned prior to the ex-dividend date of 3/12/12 and then not called away prior to the ex-dividend date.  Of course, I need to continue to sell Puts on HPQ if not assigned them this week in order to have a chance at that dividend.

S&P has a 12-month price target of $29 with a Neutral recommendation on HPQ.  MarketEdge has a price opinion of $28.13 and a Long recommendation.  The 26 Yahoo Analysts have a 12-month price target of $30.17 and a recommendation of 2.6 on a scale where 1.0 is a Strong Buy and 5.0 is a Strong Sell.