Today I sold 4 ALSK Mar08 12.50 puts for a deposit of $129.oo in an IRA account.

I already own 1100 shares of ALSK in taxable and IRA accounts.  It pays a good dividend (6.65% at its current price of 12.80) and I write Covered Calls on it, generally at the $15 strike price.

This stock tends to move between 12/12.50 on the low end up to 15.50/16 on the high end although it has been making lower highs around 14 for the past couple of months.

Two NYX Dec07 70 puts expired in December.  I originally sold these puts in August 07 when the stock was just above $70 for $810.49 in an IRA account.

I have not resold these NYX puts but as I write this the stock is off its recent highs at just over $85.  There has been recent support at $80 so I will watch this one and may sell some $75 or $80 puts for Feb or Mar.

I currently own 200 shares of NYX with Mar08 90 calls written against them.  I also have sold 2 NYX Mar08 85 puts and 2 NYX Mar08 80 puts.

This is a stock that Cramer has great faith in.  In his most recent book he says that this may well be a $200 stock within the next few years.

I haven’t done any trading, not even to roll anything out, for some time now.  Even with all of the market gyrations I am doing pretty well and just waiting for options to expire this week.  As it stands right now I will have 200 shares of NVDA called away and be put 400 ALSK and 400 BVF.  I would be okay with all of those events because they better fit my current investment goals.  The NVDA does not pay any dividends and the ALSK and BVF both pay a pretty good dividend at current prices.

The markets should be pretty interesting this week if nothing else because of the options expirations.  Jim Cramer suggested on Friday that the markets should be up by mid week.  The talking heads on CNBC are starting to suggest that the bottom may be in for the financial sector.  The suggestion was that earnings being reported in January may confirm a bottom.  I am kind of keeping an eye on WFC.  It is near a two year low and pays a decent dividend at current prices.  I may sell some Puts on it after the Dec expirations.