Today, I sold 4 YHOO Jul09 17 Covered Calls for a net deposit of $69.00 in an IRA account.  My basis for these YHOO shares is now 21.39.

YHOO has been steadily trending upwared since mid Nov08.  It has been moving down for much of June and appears to be moving up again the past couple of days.  As I read the charts (I am by no means an expert), it appears that YHOO has been oversold and is now beginning another move back up.  Earlier in June there appeared to be a resistance at around 17.  I sold these new Calls at 17 thinking that it might still be a resistance level.  If not, I will roll these Calls out and up if I can.  My goal is to either have YHOO called away at a profit or to get my basis so low that any option premiums I collect will be a good return on my basis.