I was assigned 2 BP Jun08 75 Puts last Friday.  I expected to be assigned these Puts but this happened a day before they would have been assigned anyway.  So I was able to sell covered calls on them a day earlier.

I sold 2 BP Oct08 75 Puts for a net deposit of $290.50 in an IRA account.  My basis in these shares is now 71.90 after accounting for accumulated options.  I usually prefer to sell closer in options but did not do so in this case.  I wanted to sell the 75 strike and get a reasonable premium so I sold further out this time. 

I have a long term belief in oil and some of the oil stocks so I was a little aggressive when I originally sold the BP Puts.  BP has a decent dividend at .81 per quarter and 4.82% annualized.

This morning I was assigned 5 GGC Jan09 20 Puts in my taxable account and an IRA account.  GGC went ex-dividend today so I am not surprised that I was finally put these shares.

I then sold 5 GGC Jul09 5 Covered Calls for a net deposit of $70.25 for the two accounts.  Some of the Calls were sold at .20 and some at .15.  If I had just been a little more patient they would all have been sold at .20, but I was in a hurry because I needed to leave the house.  I own some of these shares at $14.98 and some at $17.42 after accounting for option premiums received.  GGC is paying a .08 dividend and is currently priced at 4.55.

I first heard of GGC from Jim Cramer sometime last year (I think).  It has not done well since then, basically trending down.  GGC is currently rated as a hold or sell by those analysts that follow the stock.  Recent news indicate a dispute between some GGC debt holders and GGC regarding GGC continuing to meet the covenant of the debt.

GGC seems to be adversely affected by the home building crisis because a number of its products are used in making vinyl building products.

I BTC 2 AMZN Apr08 80 Puts and STO 2 AMZN Jul08 80 puts for a net deposit of $450.98 in an IRA account.  If put to me I would own AMZN at 67.92 after considering accumulated option premiums on this lot.  AMZN has pretty good premiums so I could get back to even and probably make additional money if it is put to me.  Or, I may just be able to continue rolling it out and make money that way.  AMZN closed today at 62.43.