We have two more positions expiring today, and both are out of the money. Since we are unable to roll them for a reasonable credit, we will simply let them expire worthless and watch for the underlying stocks to trade higher next week before we sell additional covered calls.


Philip Morris (PM): 94.55

ACTION: Let the PM 12 May 99 call expire worthless.


Vale S.A. (VALE): 13.77

ACTION: Let the VALE 12 May 16.50 call expire worthless.

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