May 08 Expiration

Friday was May expiration. Of the Port’s three May calls, two expired worthless and the third resulted in assignment, as follows:

• NUAN May 20 expired, with NUAN closing Friday at 19.79
• ACAS May 40 expired, with ACAS closing at 32.82
• CYBS May 15 assigned, with CYBS closing at 19.21

With the CYBS assignment, the Port is now sitting on 11,274 in cash to sink back into CYBS and into DDM, which was assigned last month. The recent strength off of lows for CYBS and DDM has resulted in better performance for the Buy-only notional portfolio for these 2 symbols. In DDM, the Buy-only strategy is doing a little over 4% better. In CYBS, the Buy-only strategy is doing 7.5% better than the Buy (Hold) Write strategy. That being said, the B(H)W strategy is performing about 3% better than the BO strategy since inception in late October 07.

Also as of Friday, the Port is without any covered calls. The most likely candidates for selling June or July calls are EGLE and ACAS. Both are showing some recent strength, particularly EGLE which on Friday scored a 52-week high.