Last Thursday I said that I would probably be able to finish documenting my trades after July options expiration.  Well, as you may have surmised, life intruded in my plans.  I’ve got a couple of free hours now so maybe I can finish today while watching CNBC and my portfolio.  So, here I go…

On 7/23/08, I sold 2 LEH Aug08 25 Covered Calls for a net deposit of $130.50 in an IRA account.  I am still way under water on LEH with a basis after options but excluding dividends of 69.32.  LEH is trading right now at just over $16.  LEH has paid a dividend of .17 per share per quarter for the past two quarters.  It was .15 for the two quarters prior.  The current rate is 3.67% annualized.

I am not quite sure what I think about LEH.  I am a bull by nature so tend to think that LEH will be okay in the long term and will be a profitable trade for me, eventually.  As you may have noticed in my recent writings I have developed a “chip away” philosophy for those stocks that I am underwater.  I am chipping away at LEH.