I sold 8 GGC May09 5 Covered Calls on 10/21/08 for a net deposit of $106.00 in an IRA account.  My basis on these GGC shares is now 18.83.

GGC suspended its dividend so I am no longer even being paid to wait while holding this stock.  It’s only salvation now is the option premium which is nothing to brag about right now.  I am actually afraid though that the housing market might come back in the spring which could send GGC’s price up again.

Today I sold 200 GGC shares for a net deposit of $502.00 in my taxable account.  My basis for these GGC shares is 17.40.

These shares were assigned to me last week.  GGC suspended paying its dividends last month (September) so that is a disincentive to continue holding it.  Even with that I would have continued to hold it and sell Covered Calls if I had not wanted to raise additional cash in my taxable account as noted in my earlier post on ENT.

This morning I was assigned 3 GGC Jan09 20 Puts in my taxable account and an IRA account.

I also received the expect margin call in my taxable account last night.  I will wire an additional $10,000 to e*Trade later today.

I sold 1 GGC Nov08 5 Covered Call in the IRA account for an embarrassingly small net deposit of $1.25.  My basis for these GGC shares is now 17.39.  I also own 800 other shares in this account with Calls that will expire in Oct08.

I tried to sell 2 GGC Nov08 5 Covered Calls in my taxable account but was denied the transaction because of the margin call.  I would have thought that I could have sold something but I guess because of the way the accounting works the option shows up as a negative value and the account cannot support any additional negative values until I wire the funds.  So, I’ll just sell the options tomorrow.  Who knows, maybe GGC will be up a little more tomorrow (it’s up some today) and I can get a better premium.

And, with this post, I am once again caught up with my trading transactions.