This morning I BTC 7 TIE Nov08 10 Covered Calls and STO 7 TIE Jun09 15 Covered Calls for a net deposit of $218.51 in my taxable account.  My basis for these TIE shares is now 29.62 not including dividends received.

I don’t know if TIE would have stayed above the Nov08 10 strike price but wanted to take this opportunity to deposit a little additional cash in the taxable margin account and raise the strike price.  With any luck I will be able to do this again as we approach Jun09.

TIE does pay a small dividend of .075 per quarter so I am also gathering additional income each quarter as I hold this stock.  The dividend is not large enough by themselves to entice me to continue holding TIE once I can sell it above my basis.  I’ll make my decision at that time based upon the option premiums that may be available.