Options expire this Friday (well technically Saturday but Friday is the last day to trade them).  I currently have 37 transactions on 22 different stocks outstanding in my various taxable and IRA accounts.  Of those, 4 Puts and 2 Covered Calls are in the money.  Normally I would have rolled out the Puts by now.  I tend to hold the Covered Calls until Thursday or Friday before I decide to let them go or roll them out to gather additional time premium.  Here are the details on the ITM items for Apr08.

• 2 AA 37.50 Puts in an IRA.  I have rolled these out a few times and as a result I would own AA at 30.85 if assigned to me which they surely will be if I don’t roll them out.  I could net about $120 if I roll them out to May08 reducing my basis by about another .60.  I could let them be assigned and sell Covered Calls on them and net about $130 at the 37.50 strike.  AA also pays a small dividend of .17 per quarter or about 1.9% annually.  I think I am going to accept the assignment.
• 8 PGH 20 Puts.  2 in my taxable account and 6 in an IRA.  In both cases I have rolled them out in the past and own them at 17.94 and 15.71 respectively.  PGH has a nice monthly dividend of .225 or about 13.7% annually.  PGH is currently 19.43 and may close above 20 but I seriously doubt it.  If I rolled them out I would need to go to Jul08 to be worthwhile.  I would then net about $60 per contract.  If I accept an assignment I could sell Covered Calls but they are not worth much.  I would again need to sell Jul08 and would net about $60 per contract.  I think I am going to roll out the 2 in my taxable account and accept assignment on the 6 in my IRA.
• 4 RAD 2.50 Puts in an IRA.  I sold these last month with the realization that I might be assigned and that I would then sell Covered Calls on them.  The stock is currently trading at 2.44 after being near 3.00 last week.  I suspect that I will in fact be assigned.  My basis in 2.43 on these shares.  The Jul08 2.50 Calls would net me $120.  The Jun08 options are not yet available so I don’t yet know what they might yield except that it would be less.  In this case, I intend to accept assignment and sell Calls on RAD.
• 4 DF 20 Covered Calls.  2 each in my taxable account and an IRA.  I own all of these DF in the mid $31 range so obviously do not want them called away.  I will roll them out but have not yet decided my strategy.  I can roll out to another 20 strike or roll out and up to 22.50.  If I do the 20 strike I sell a closer month but continue to run the risk that they will be prematurely called away.  If I sell the 22.50 strike I need to go out to Sep08 in order to get a higher premium than I close the existing position for which is my primary mantra.  I suspect that I will roll out to the Sep08 22.50 calls.