The only current June 2011 position we will need to watch and act on is FDX.

Since we have an iron butterfly will have to close one of the two sides tomorrow and it looks like it is going to be the FDX 87.5 put, which is currently in the money by $1.01.

If we get a gap open tomorrow we might consider closing out the FDX JUNE 87.5 put if we can get $0.50 - $0.60 to close out the FDX 87.5 put, of course you can always place a MARKET ON CLOSE order if you are going to be away from the computer during market hours and the close tomorrow.

All the other open positions should expire worthless.

Always remember that in case something out of the ordinary should happen, we have to be sure to close ANY position that might end up in the money tomorrow.

Any option, that is even $0.01 in the money will be assigned ( if we ar short a put ) or exercised ( if we are short the call )

Currently our only real concern is FDX.

This is the last June 2011 watch list as June 2011 options come off the board tomorrow and we will begin following our JULY 2011 portfolio and watch list.