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.