Good and bad.

Our order to sell 5 calls PACIFIC ETHANOL (PEIX - USD 11.17) March 2008 USD 12.50 at a price of USD 1.00 was filled yesterday. We were not too bullish on the stock and wanted to earn some money on our long position (we had to buy the stock back in June at USD 15 as we got assigned on the short June 2007 puts). Today Friedman Billings downgraded the stock ( http://finance.yahoo.com/q/ud?s=PEIX) to underperform. Good news on the other hand for our junior goldmine GOLDEN STAR RESOURCES (GSS - USD 4.23). The stock jumps 15% on news it seeks a listing on the Ghana stock exchange. We are short January 2009 USD 2.50 puts. SINOVAC BIOTECH (SVA - USD 4.40), a China based biotech firm, adds another 10%. Over the last month the stock, has doubled in value. The Option Portfolio had sold puts in the beginning of the year. They have already matured worthless. The stock is still on our watchlist.