On 8/20/08, I sold 2 GOL Sep08 Covered Calls for a net deposit of $50.50 in my taxable account.  My basis for GOL is now 24.57.

I used to say that I have not owned an airline stock since back in the 1970s.  I would like to still be able to say that.  GOL has been a disappointment for me.  Of course, it appears as if the price of oil has been the biggest reason for GOL’s price decline.

I see that GOL is suspending dividends for the rest of 2008.  However in the same article I see a reference to Brazilian corporate law that requires a company to distribute a minumum of 25% of the year’s net profits.  If necessary, GOL intends to distribute a supplemental dividend payment at year end to be in compliance with the law.

Here are the results for the options that I still had outstanding when the markets closed on Friday, 8/15/08.  I had four Put assignments and 22 Calls across multiple accounts that expired allowing me to keep all of the option premium.  The 22 Calls are summarized by stock across accounts resulting in 16 stocks being represented in the following list.  I will begin to sell Calls on these stocks starting tomorrow.

Yesterday and today I sold Covered Calls on the various stocks whose Covered Calls expired in Jun08.  I don’t think any of these require additional discussion as I have written about them in various previous posts.  Enter the stock symbol in the search feature to find them if you have an interest.

These transactions represent $1382.75 in cash flow in addition to those which I have already written about yesterday and today.  Here are they are with quantity, stock, expiration type, strike price, Call/Put and net deposit amount.

• 4 YHOO Jul08 25 Calls - 109.00
• 4 TBI Jul08 15 Calls - 89.00
• 7 AUY Jul08 15 Calls - 365.75
• 2 LEH Jul08 25 Calls - 312.50
• 3 S Aug08 10 Calls - 19.75
• 2 BAC Jul08 30 Calls - 84.50
• 3 CKR Dec08 15 Calls - 139.75
• 2 PM Aug08 55 Calls - 30.50
• 2 IR Jul08 42.50 Calls - 50.50
• 2 IMB Oct08 2.50 Calls - 20.50
• 2 GOL Aug08 15 Calls - 60.50

After making the list I guess I should say that whenever possible I prefer to sell options which expire in the next month.  Sometimes that just doesn’t work for one reason or another, usually because I want to sell the call at a higher strike price and/or want to get a larger premium.  That explains why some of these expirations are further out.

Also, after todays action I see I may have some some with a strike price a little too close.  I’ve been feeling a little bearish lately and generally am expecting prices to stagnate for awhile.  I’ll just need to watch them and perhaps roll some of them out if I really don’t want to have the stock called away.  The notable excpetion here might be YHOO.  I think I might be okay if it gets called away at 25.  Although, something might be going on because YHOO was up .59 today.  As always, time will tell.