Option Investor

Positions are bouncing on and off the WATCH list - HOLD ALL POSITIONS

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While the overall market is looking for some base from which to build our Option Writer positions are on and off the WATCH list like musical chairs

AVCI and IIIN may reverse positions today

AVCI may drop under the $10.00 price today ( going into the money against our $10 short put,, however IIIN is attempting to come out of the money.against our Aug 20 short put

The remainder of the portfolio based on a cursory examination at this time breaks down like this:

RZ ACGY SA MTXX SWHC are out of the money at present in varying degrees
While OVTI MU XRTX remain in the money against our short put anywhere from $0.20 to $1.20. They all bear watching but for the present we are holding all the positions.

Next week starts the final two weeks of the August cycle and if we can get some stabilization in the overall market, hopefully we can get some premium shrinkage. But first we have to return to some normality and shake this triple digit merry go round of up and down.

No doubt this August expiration has been a challenge, but considering everything that has gone on involving subprime and credit concerns and the earnings calls we still have a chance in what still looks like, at least, a temporary oversold condition. Even yesterday, if you looked over the DOW issues, I can't find who really led the late 150 point run up. Hopefully, the other indexes will follow. So for now STAY THE COURSE

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