Update Transaction - Intrepid Potash (IPI)

Intrepid Potash has been oscillating between about 22 and 26 dollars over the past few weeks, and with the the market continuing to drive higher with no intention of falling back, I decided to roll my IPI call to October at a slightly lower strike in order to hedge my risk as well as increase the risk of the stock being called away at October expiration. The performance metrics are below:

7/30/2009 -- Bought 100 IPI @ 26.70
7/30/2009 -- Sold To Open 1 IPI $27 August Call @ 1.54
7/30/2009 -- Bought To Open 1 IPI $22 August Put @ 0.45
8/21/2009 -- Call Expired
8/24/2009 -- Sold To Open 1 IPI $28 September Call @ 0.7
8/26/2009 -- Bought To Open 1 IPI $21 September Put @ 0.25
8/31/2009 -- Bought To Close 1 IPI $28 September Call @ 0.10
8/31/2009 -- Sold To Open 1 IPI $27 October Call @ 0.50



The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2561.00
Current Cost Average: $24.76

Possible Max Upside: 8.90%

Annualized Max Upside: 41.13%

Monthly Returns - August 2009

The month of August was unfortunately the first negative month for the CCIP. The portfolio was dragged down by the horrible performance of UNG which reduced the overall portfolio performance of the CCIP by about 3%. Premiums have continued to decline as the VIX has stayed in a relatively low range which has been helpful to those who wish to cover downside risk by purchasing protective puts, but not for those looking to sell premium. Every once in a while an investment choice does not do what you expect, and this possibility has to always be considered when selecting asset allocation. As I noted in my post on asset allocation within a covered call portfolio it is extremely important not to weight any one of your positions too heavily. Unfortunately, UNG represented about 10% of my overall portfolio, and so its 30% decline substantially impacted overall portfolio performance. The fact that the overall portfolio only dropped slightly was a testament, however, to the successful choices in other parts of the portfolio.

Unfortunately, as well as the under-performance by the CCIP in August, the portfolio has also lost much of the ground it had over the benchmark, S&P 500. Although it is still ahead of the market, its "lead" has been reduced. This brings up an important point regarding a covered call portfolio, as well as the general strategy of the CCIP. It is my intention, not to necessarily consistently beat the market, but instead to provide a constant return of at least 10%. However, this is not to say that I do not want to maximize my possible returns. This is why I have adopted additional strategies to enhance my returns. These include the new ex-dividend date strategy which thus far has been executed 3 times, one of these times being called away successfully at the ex-div date. The second strategy involves purchasing an OTM SPY call in order to participate in additional upside if the market increases substantially over a month.

The portfolio continues to beat the market since its inception (by about 7.5%). The chart below presents the monthly performance of the CCIP for August, as well as the performance of the portfolio since inception.

Portfolio Results

The 2009 Since Inception results are as follows:

1. Since Inception Results

CCIP Absolute Return (March 7 through August 31, 2009) = 54.06%

Benchmark S&P 500 (SPY) Absolute Return (March 7 through August 31, 2009) = 46.54%

The CCIP has outperformed the S&P 500 benchmark by a total of 7.54%

September 2009 Next Steps

The month of September is going to be a real test for the rally's strength. The summer vacation is over, and reality is beginning to set in. Third quarter earnings will start this month, and will ultimately determine the direction of the market. Companies will now have to show that after substantially cutting costs they can start to increase sales.

The CCIP has made a bit of a change of direction as well over the last two months, as I have added additional strategies such as cash-secured puts, OTM calls, and the ex-dividend date strategy. Additionally, I have adopted a new type of allocation strategy which focuses on reducing risk, and centering strategy around specific annualized return goals.

Unfortunately, I will be going on vacation the week after expiration and will not have access to the internet. This obviously makes option roll-over a bit difficult. As a result I will most likely be closing ITM positions on the Thursday prior to expiration, and then opening new positions on expiration Friday. This may result in losing out on about 0.25% of gains, but it is better than missing a week of market action

The strategy for establishing covered calls positions after September expiration will depend on what positions close ITM at expiration. I will establish new positions based upon my new annualized return asset allocation strategy.

As always, please post any thoughts or questions you have regarding the CCIP and the posts on the blog.

Initial Transaction - Life Partners Holdings (LPHI)

This is a new position in the Covered Call Investor's Portfolio. I found this particular stock by doing a scan for stocks which are trading within 30% of their 52-week lows. I then reviewed the stocks which passed this filter for those with greater than 3% dividends. This resulted in about 100 stocks to consider. When I look for a stock to place in the covered call position, I normally want something which is not trading at the high end of its range, because any pullback in the market could result in a drastic pullback in the stock itself. Life Partners Inc., was one of the few stocks which met this requirement. The stock also sports an above average dividend yield of 5%. LPHI is essentially a type of investment fund for wealthy individuals. They purchase life insurance policies in the secondary market for wealthy individuals who continue to pay the premiums and then collect the funds when the underwritten individual passes. This is a relatively morbid business, but it is also one which I believe will perform well in the economic climate. The company has no debt, and is growing rapidly, as such I believe it will be a good addition to the CCIP. I considered selling a $14.50 strike put originally but the premiums had dropped by about 25% over the weekend and so I decided to go with the $17.50 CC instead. The profit/loss info is below:

8/31/2009 -- Bought 100 LPHI @ 17.48
8/31/2009 -- Sold To Open 1 LPHI October $17/50 Call @ 1.51

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: $1597.00

Downside Protection: 8.6%

Potential Gain If Called At Expiration: 7.04%

PotentialAnnualized Gain If Called At Expiration: 54.65%

Dividend Payment - Lockheed-Martin (LMT)

This is an update to the position in Lockheed-Martin (LMT) which passed an ex-dividend date. The new profit/loss info is below:

8/25/2009 -- Bought 100 LMT @ 74.30
8/25/2009 -- Sold To Open 1 LMT September $75 Call @ 1.30
8/28/2009 -- Dividend @ 0.57

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: 7300.00

Potential Gain If Called At Expiration: 3.52%
PotentialAnnualized Gain If Called At Expiration: 51.40%

Update Transaction - Intrepid Potash (IPI)

As the stock market has started to turn downward recently, and China announcing its large purchases of commodities, which have been somewhat artificially driving up commodity prices, some of the commodity players have been falling in price. In order to hedge myself somewhat on the downside I decided to buy a $21 put for protection. The performance metrics are below:

7/30/2009 -- Bought 100 IPI @ 26.70
7/30/2009 -- Sold To Open 1 IPI $27 August Call @ 1.54
7/30/2009 -- Bought To Open 1 IPI $22 August Put @ 0.45
8/21/2009 -- Call Expired
8/24/2009 -- Sold To Open 1 IPI $28 September Call @ 0.7
8/26/2009 -- Bought To Open 1 IPI $21 September Put @ 0.25


The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2561.00
Current Cost Average: $25.16

Possible Max Upside: 11.29%

Annualized Max Upside: 80.78%

Closing Transaction - Regency Centers (REG)

The stock was called away the day before its ex-dividend date as it was about 10% ITM. Sadly this was the first CCIP position to ever be sold for a loss. The final profit/loss info is below:

6/22/2009 -- Bought 100 Shares of REG @ 34.025
6/22/2009 -- Sold To Open 1 July $35.00 Call @ 1.41
7/17/2009 -- Bought To Close 1 July $35.00 Call @ 0.14
7/17/2009 -- Sold To Open 1 August $35 Call @ 0.49
7/17/2009 -- Bought 1 Put Option Aug $30 @ 1.85
7/17/2009 -- Sold 1 Put Option Aug $30 @ 2.10
7/17/2009 -- Bought To Close 1 August $35 Call @0.4
7/17/2009 -- Sold To Open 1 August $30 Call @ 1.55
8/25/2009 -- Sold 100 Shares of REG @ 29.995


The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $3261.50

Total Profit/Loss: -2.95%

Annualized Profit/Loss: -19.95%

Initial Transaction - Lockheed-Martin (LMT)

To continue my recent ex-dividend date CC strategy, I opened a position in Lockheed-Martin (LMT) an aerospace defense contractor. Lockheed took quite a hit in July after releasing disappointing earnings, and has been stuck around $75 since then. The stock sports a nice 3% dividend and is not generally considered very volatile. The ex-dividend date is a few days after the purchase date, and could present a nice return if called. The new profit/loss info is below:

8/25/2009 -- Bought 100 LMT @ 74.30
8/25/2009 -- Sold To Open 1 LMT September $75 Call @ 1.30

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: 7300.00

Potential Gain If Called At Ex-Div Date: 2.62%
Potential Annualized Gain If Called At Ex-Div Date: 319.31%

Potential Gain If Called At Expiration: 3.52%
PotentialAnnualized Gain If Called At Expiration: 51.40%

Update Transaction - United States Natural Gas (UNG)

In what I think is considered by most to be a continued fall of natural gas prices, UNG has become quite the laggard in the CCIP portfolio. On top of the horrible performance of natural gas prices, UNG itself is creating issues by its inability to offer new shares. This is actually a good thing in the short term because it keeps the price of UNG somewhat boosted above actual natural gas prices. Unfortunately, this also creates the possibility that if UNG is able to offer new shares, the ETF could fall 15% to make up for its current premium to NAV. As such, I have adopted a strategy of simply trying to gain as much option premium in the mean time. I expect to be stuck in this position for at least 6 months. The performance metrics are below:

7/2/2009 -- Sold To Open 1 UNG August $13 Put @ 1.15
8/21/2009 -- Stock Purchase @ $13
8/24/2009 -- Sold To Open 1 UNG October $13 Call @ 0.60


The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Purchase Price: $1190.00

Possible Max Upside: 15.04%

Annualized Max Upside: 51.32%

Initial Transaction - Intel (INTC)

This position is along the same lines as the position I recently opened in ConocoPhilips. The purpose is not necessarily to provide giant annualized gains (i.e. 50%+) as other positions in the past have, but instead it is intended to provide quality downside coverage, a possible dividend to enhance returns, and a return which would be considered more than enough by many. This position is in Intel, which I have held before in the portfolio, and has been relatively stagnant since I exited the position after they crushed earnings a couple months ago. The profit/loss info is below:

8/24/2009 -- Bought 100 INTC @ 18.92
8/24/2009 -- Sold To Open 1 INTC October $18 Call @ 1.50

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: $1747.00

Potential Annualized Gain If Called At Expiration (10/17/2009): 17.15%

Downside Protection: 7.9%

Initial Transaction - SPY Call

This is part of a new strategy I am enlisting in what is essentially becoming less like a strictly covered call portfolio and more like a hedge fund. But the focus will remain substantially on covered calls. This position is an attempt to deal with an issue that affects most covered calls portfolios, which is the inability to perform as well as the overall market, when the market is rising a substantial amount (more than 4-5%) a month. I feel that the covered call portfolio has and will perform well when the market is decreasing, but it requires a little "pick me up" when the market is on a tear. In order to counter this, I have purchased 1 SPY (an ETF which tracks the S&P 500) call about 4% OTM, in order to give myself additional upside if the market continues its rise, but only risk about .33% of my total portfolio on this endeavor. If the market does not rise more than 4%, stays flat or falls, I only lose about $150. If on the other hand, the market goes up 6% in the month, I will enhance my returns. The purchase info is below:

8/24/2009 -- Bought 1 $106 SPY September Call @ 1.35

Update Transaction - Intrepid Potash (IPI)

Intrepid Potash has stayed in a relatively tight range since I purchase it at the end of July. Earnings were in line with expectations and they had no real impact on the share price. It is important to note though that IPI has not participated in the overall market gains for the month of august. Due to the longer time period until expiration, I was able to sell a $28 Call as opposed to $27 like the previous month, and still get about a 3% premium. The performance metrics are below:

7/30/2009 -- Bought 100 IPI @ 26.70
7/30/2009 -- Sold To Open 1 IPI $27 August Call @ 1.54
7/30/2009 -- Bought To Open 1 IPI $22 August Put @ 0.45
8/21/2009 -- Call Expired
8/24/2009 -- Sold To Open 1 IPI $28 September Call @ 0.7


The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2561.00
Current Cost Average: $24.91

Downside Coverage (from current price of $26.27): 5.17%
Possible Max Upside: 12.28%

Annualized Max Upside: 87.90%

Initial Transaction - AT&T (T)

As the last 100 shares of AT&T in my portfolio managed to not be called away on friday, I quickly sold another $26 covered call resulting in a guaranteed 2% gain for the next month for this position. I will not re-enter this position as a monthly covered call position in the future, though I may as part of my longer term covered call strategy. The new profit/loss info is below:

Transaction History:
Various -- Bought 100 T @ 25.125
2/25/2009 -- Sold To Open 1 T March $24 Call @ 0.895
3/6/2009 -- Bought To Close 1 T March $24 Call @ 0.3874
4/7/2009 -- Dividend @ 0.41
4/16/2009 -- Sold To Open 1 T May $26 Call @ 0.8126
5/15/2009 -- Call Expired
7/8/2009 -- Dividend @ 0.41
7/23/2009 -- Sold To Open 1 T August $26 Call @ 0.4
8/21/2009 -- Call Expired OTM
8/24/2009 -- Sold To Open 1 T September $26 Call @ 0.53


The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2512.50
Current Cost Average: $22.05


Downside Coverage (based on current share price, 26.00): 15.2%
Possible Max Upside: 16.28%

Annualized Max Upside: 28.85%

Dividend Payment - McGraw-Hill (MHP)

For better or worse, MHP was not ITM at close the day before its ex-dividend date. As such the position was not called away, and the dividend was paid. The new profit/loss info is below:

8/21/2009 -- Bought 100 MHP @ 29.66
8/21/2009 -- Sold To Open 1 MHP September $30 Call @ 0.86
8/24/2009 -- Dividend @ 0.23

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: 2890.00

Potential Gain If Called At Expiration: 4.57%
PotentialAnnualized Gain If Called At Expiration: 57.49%

Options Expiration Day - August 2009

The Covered Calls Investor Portfolio contained a total of 10 positions with August 2009 expirations, and 4 positions either with a Non-August expiration or no current covered call. The 10 positions with August expiration had the following results:

- 6 positions (T, BMY, FAS, CAL, UNG, PWE) closed in-the-money. The calls were exercised and the stock was sold. Most of these positions had been heavily ITM for quite a while so it was not surprising that they were called away. The only dissapoint in this group was the UNG CSP which was executed resulting in my purchase of the stock for $13. The annualized gain/loss results (after commissions) were:

AT&T => 49.41%
Bristol-Myers => 33.47%
Direxion 3x Financial Bull => 143.08%
Continental Airlines => 75.84%
United States Natural Gas => N/A because put was assigned, resulting in purchase of stock
Penn-West Energy => 37.67%


- 4 positions in the portfolio (UNG, UNG, IPI, T) ended out-of-the-money. AT&T managed to close exactly at its strike of $26 but was not called away.


United States Natural Gas (UNG) - $11.35
100 Shares with Current Cost Basis of $13.23

This position will be kept, mostly due to the fact that it is currently sporting about a 20% loss, and also the fact that natural gas remains at all-time lows. The only issue with this position is that due to caps being placed on positions in commodity futures, UNG has begun to trade at a premium to its NAV, effectively becoming a closed end fund which means it will not track the price of natural gas very well anymore. As a result it is unlikely I will continue to establish positions in the fund.

United States Natural Gas (UNG) - $11.35
100 Shares with Current Cost Basis of $11.90

See above for perspective.

Intrepid Potash (IPI) - $25.88
100 Shares with Current Cost Basis of $25.61

I will continue to hold this position, and sell another call for september. The fundamentals remain strong, and in my opinion the hypothesis surrounding the rebound in potash prices come next year remains to be true.

AT&T (T) - $26
100 Shares with Current Cost Basis of $22.59

Although I was attempting to exit my positions in AT&T, the covered call managed to not be called away. This isnt a disaster because AT&T still sports an attractive yield, and I can make another 1-2% for next month on it by selling another call.


The positions in the portfolio which did not have June expirations include:

Buckle (BKE) (100 Shares) - September $30 Covered Call

Conoco Phillips (COP) (100 Shares) - January $39 Covered Call

McGraw-Hill (MHP) (100 Shares) - September $30 Covered Call

Best Buy (BBY) (100 Shares) - September $39 Covered Call

Initial Transaction - McGraw-Hill (MHP)

After considering a CC in MHP for the past few months, I finally decided to take the plunge due to the passing of an ex-dividend date. This position is being established as both part of my ex-dividend date CC strategy, as well as just being a good covered call position overall. McGraw Hill is most well known for providing textbooks to the masses, but it is also the company behind Standard & Poors. They sport a quality dividend, and have essentially been treading water at $30 per share for months. The new profit/loss info is below:

8/21/2009 -- Bought 100 MHP @ 29.66
8/21/2009 -- Sold To Open 1 MHP September $30 Call @ 0.86

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: 2890.00

Potential Gain If Called At Ex-Div Date: 3.81%
Potential Annualized Gain If Called At Ex-Div Date: 463.09%

Potential Gain If Called At Expiration: 4.57%
PotentialAnnualized Gain If Called At Expiration: 57.49%

Closing Transaction - Marathon Oil (MRO)

Unlike the first position I opened to test my new dividend strategy (PWE), for this position (MRO), the plan was successful in that the stock was called away the day before the ex-dividend date. The profit/loss info is below:

8/7/2009 -- Bought 100 MRO @ 30.70
8/7/2009 -- Sold To Open 1 MRO August $30 Call @ 1.07
8/15/2009 -- Sold 100 MRO @ 30.00

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: 2963.00

Final Profit: 1.25%
Final Annualized Profit: 49.92%

Initial Transaction - ConocoPhillips (COP)

As part of the constant revision of my covered call investment strategy, this position is intended to provide a potential yield of at least 10%, and also have the possibility of being called away at two different points. The stock could be called before the first ex-dividend date, or at expiration. The lowest annualized return is above 10% for any of these scenarios. Additionally, the call being sold is substantially ITM, and relatively far out expiration. Lastly, the stock provides a hefty dividend for both additional protection and income. This position is in ConocoPhillips an integrated oil & gas company which has a hefty 5% dividend. The profit/loss info is below:

8/13/2009 -- Bought 100 COP @ 43.93
8/13/2009 -- Sold To Open 1 COP January $39 Call @ 6.49

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: 3759.00

Potential Annualized Gain If Called At First Ex-Div Date (~10/29/2009): 17.85%

Potential Annualized Gain If Called At Expiration (1/16/2010): 14.69%

Downside Protection: 14.4%

Closing Transaction - Alpha Natural Resources (ANR)

As the market has improved, ANR has skyrocketed to the point where there was essentially no time premium left on it. As a result I decided to exit the position early in order to get some more cash, and also lock in my gains so as to protect myself in case of a pullback. The final profit/loss info is below:

5/20/2009 -- Bought 100 ANR @ 29.26
5/20/2009 -- Sold To Open 1 ANR June $32.50 Call @ 1.24
5/20/2009 -- Bought To Open 1 ANR June $20 Put @ .3
5/21/2009 -- Bought To Close 1 ANR June $32.50 Call @ .55
5/22/2009 -- Sold To Open 1 ANR June $27.50 Call @ 1.45
5/27/2009 -- Bought To Close 1 ANR $27.50 Call @ 2.18
5/27/2009 -- Sold To Open 1 ANR $30 June Call @ 1.09
6/16/2009 -- Bought To Close 1 ANR $30 June Call @ 0.15
6/16/2009 -- Bought To Open 1 ANR $20 June Put @ 0.5
6/25/2009 -- Sold To Open 1 ANR $30 August Call @ 1.90
7/6/2009 -- Bought To Close 1 ANR $30 August Call @ 0.5
7/9/2009 -- Sold To Open 1 ANR $30 August Call @ 0.75
7/28/2009 -- Bought To Open 1 ANR $27.5 August Put @ 0.60
8/13/2009 -- Call Bought - Stock Sold @ 29.90


The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2926.00

Final Upside: 8.29%

Annualized Max Upside: 35.62%

Update Transaction - Best Buy (BBY)

As I was going to be going on vacation out of the country the following week, I decided to roll this call forward to September, as well as raising the strike price. The new profit/loss info is below:

6/12/2009 -- Bought 100 BBY @ 37.54
6/12/2009 -- Sold To Open 1 BBY July $39 Call @ 1.54
6/12/2009 -- Bought To Open 1 BBY June $35 Put @ 0.6
6/18/2009 -- Bought To Close 1 BBY July $39 Call @ 0.50
6/18/2009 -- Sold To Close 1 BBY June $35 Put @ 1.1
6/23/2009 -- Sold To Open 1 BBY July $38 Call @ 0.20
7/2/2009 -- Dividend @ 0.14
7/18/2009 -- Call Expired
7/20/2009 -- Sold To Open 1 BBY August $38 Call @ 0.65
8/12/2009 -- Bought To Close 1 BBY August $38 Call @ 0.6
8/12/2009 -- Sold To Open 1 BBY September $39 Call @ 1.20

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $3660.00

Downside Coverage: 5.57%
Possible Max Upside: 12.75%

Annualized Max Upside: 47.01%

Initial Transaction - Marathon Oil (MRO)

This position is another example of the ex-dividend date covered call option strategy which I am testing. The idea with these is to purchase a stock a few days before an ex-dividend date, and sell a covered call for the current month which is as much in the money as possible, but will still return at least 1% if called before the ex-dividend date. Marathon Oil is an integrated oil company which participates in all parts of the oil supply chain, both upstream and downstream. The stock has about a 5% dividend yield which will be valuable even if the position is not called away. The profit/loss info is below:

8/7/2009 -- Bought 100 MRO @ 30.70
8/7/2009 -- Sold To Open 1 MRO August $30 Call @ 1.07

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: 2963.00

Potential Gain If Called At Ex-Div Date: 1.25%
Potential Annualized Gain If Called At Ex-Div Date: 45.58%

Initial Transaction - The Buckle (BKE)

I decided to open a position in a retailer as a way to cash in on the coming turnaround in consumer discretionary spending. Buckle is a medium-priced retailer of mostly denim apparel for teens and young adults. The store focuses mainly on selling jeans, both their own brand, as well as other brands such as rockin' republic and big star are some examples. After releasing same-store sales for July, the stock dropped by about 15%, which allowed a perfect entry point in my opinion. The store has such high expectations that it would have been almost impossible for them to be met in the current economic climate. Same store sales were expected to be 10%, and they only came in at 2% which led to the stock plummet. In my opinion however, the fact that the sales are still increasing are the important part, and the stock also sports a 3% dividend yield which is quite unusual for a growing retailer. As such I decided to establish a covered call position for September. The new profit/loss info is below:

8/7/2009 -- Bought 100 BKE @ 26.70
8/7/2009 -- Sold To Open 1 BKE $30 September Call @ 0.70

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2635.00

Downside Coverage: 2.62%
Possible Max Upside: 13.66%

Annualized Max Upside: 115.97%

Closing Transaction - Mack-Cali Realty (CLI)

Unfortunately, I had very bad timing in the case of Mack-Cali Realty, in that I sold a call right before the stock decided to jump 35% in three weeks. As a result my remaining positions were both heavily in the money, and I decided to close them out early to free up some cash. The final profit/loss info is below:

Various -- Bought 100 CLI @ 22.90
2/23/2009 -- Sold To Open 1 CLI July $25 Call @ 0.4592
3/6/2009 -- Bought To Close 1 CLI July $25 Call @ 0.1408
4/1/2009 – CLI Dividend @ .45
4/9/2009 – Sold To Open 1 CLI July $25 Call @ 2.1426
4/24/2009 -- Bought To Close 1 CLI July $25 Call @ 4.9474
4/24/2009 -- Sold To Open 1 CLI June $30 Call @ 1.9325
5/7/2009 -- Bought To Close 1 CLI June $30 Call @ 0.60
5/7/2009 -- Sold To Open 1 CLI June $25 Call @ 1.5926
6/11/2009 -- Bought To Close 1 CLI June $25 Call @ 0.25
7/1/2009 - Dividend @ .45
7/16/2009 - Sold To Open 1 CLI August $25 Call @ 0.9925
8/5/2009 - Bought To Close/Sold 100 CLI @ 24.7019


The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2290.00


Final Profit: 27.26%

Annualized Max Upside: 61.42%

Closing Transaction - Mack-Cali Realty (CLI)

This is closing info for my other position in Mack-Cali realty. The profit/loss info is below:


Various -- Bought 100 CLI @ 22.90
2/23/2009 -- Sold To Open 1 CLI July $25 Call @ 0.4592
3/6/2009 -- Bought To Close 1 CLI July $25 Call @ 0.1408
4/1/2009 – CLI Dividend @ .45
4/9/2009 – Sold To Open 1 CLI May $22.5 Call @ 2.8925
5/15/2009 – May $22.5 Call Expired
5/18/2009 – Sold To Open 1 CLI June $22.50 Call @ 1.8925
6/19/2009 - June $22.50 Call Expired
7/1/2009 - Dividend @ .45
7/7/2009 - Sold To Open 1 CLI August $22.50 Call @ 1.1425
8/4/2009 -- Bought To Close/Sold 100 CLI @ 22.322

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2290.00


Final Profit: 15.30%

Annualized Max Upside: 34.26%