Sep 1st Options Trades Update

Stocks rallied Friday after investors got some reassurance that forces are at work to help stem the contagion effect of the subprime mess on the world's largest economy. This bodes well for my US covered call positions as at this rate that will all be called out. I am particularly pleased with ACH as I will get a high average call return rate of 7% plus. In the spirit of letting the winners fly, I actually did not sell the call options immediately after purchasing the stock ..... I have one position which I bought the stock for $49.7 & in turn, sold the Sep 65 call options for $6.2 after the stock surged some 30 plus % after about a week later. However, its still too early to tell if this is a good thing or not as the stock need to hold around the current levels come Sep expiration. I suspect, there will be much volatility ahead. In addition, Sep is the worst month of the year for trading.....we shall see. As for the N225 options writting positions, there may be some risk in the short term as its likely that the Asian markets will be taking its cue from Wall Street & go up next week. This means that the options premium may recover against me.