Most of the options I open for Jun08 expired worthless.  Most of them were Covered Calls which allowed me to in turn sell new Covered Calls on them.  In the interest of brevity, here is the list of expires with quantity, strike price and whether it was a Put or Call.  I will make additional posts shortly on specific stocks where I have something more to say about them.

Together, these expirations represent $3183.50 in prior deposits in my various accounts.

• 5 JOYG - 80 Put
• 2 PGH - 20 Put
•  7 AUY - 15 Call
• 2 BAC - 35 Call
• 3 CKR - 15 Call
• 51 FBR - 5 Call
• 1 FBR - 2.50 Call
• 2 GOL - 17.50 Call
• 2 IMB - 2.50 Call
• 2 IR - 52.50 Call
• 2 KFT - 35 Call
• 2 LEH - 30 Call
• 2 PM - 55 Call
• 3 S - 10 Call
• 4 TBI - 15 Call
• 4 YHOO - 30 Call

Yesterday when PGH was above $20 I sold 2 PGH May08 20 Puts for $209.00 in an IRA account.  That represents a little over 21% on an annualized basis.

Today PGH is down .78 as I write this to $19.84.  The biggest reason is probably that oil is down 3.47 today.  My PGH Apr08 20 Puts expired worthless and I was able to keep all of my premium.  The price chart on the stock is pretty much moving up but both the MACD and Stochastic charts are suggesting that PGH is currently oversold.  I was aware of that when I sold the May08 puts but am a believer in the long term shortage of oil due, if nothing else, to increased demand throughout the world.  It will take several years for recent new discoveries to come on line.  Even then it is quite possible that demand will still exceed supply thereby supporting its price and the price of oil related stocks.

If PGH remains below 20 into the middle of next week I will need to decide if I want to roll it out or take the chance (of course the chance is always there) that I will be put the stock.  If I am put the stock I will sell Covered Calls and begin to collect the monthly dividend which is currently .225 per month or $90 each month in my case.  That’s better than 12% which isn’t too bad if I can also collect the Call premium.

I had a number of Apr08 Options expire worthless allowing me to keep the entire Premium  They are listed below for the record.  Note that the total received may be larger than expected because the option may have been rolled out.