Opportunistic Buyback

In this ugly market, the value of some of the calls sold last month have dropped to the point where they are beginning to look attractive for some buyback. For example, shortly after market open this morning, the WFMI Jan 52.5 was asking .21, which is about .32 when adjusted for commissions. Even so, that represented a tidy gain of about 85% compared to the 2.34 premium received just 17 short trading days ago on Oct 29, 2007! So I locked in the WFMI buyback and will look for opportunities to sell another call down the road.