On 5/14/09, I BTC 2 S May09 5 Covered Calls at a net cost of $70.24.  My basis for these S shares is now 21.43.

I BTC these shares and am sitting on the stock waiting for an opportunity to sell new Covered Calls at a higher strike price.  I am looking to increase my strike price and receive more than what it cost me to exit the previous position.

S has been moving steadily up since late Dec08.  I am not sure why.  The only news I see is that S will begin selling Palm’s Pre smartphone in June.  That doesn’t explain the advance since Dec08 though.  Maybe S is being looked at as a takeover target.  I seem to remember that they were a few years ago.