High Yield ETF Covered Calls as of August 3rd 2007

Another bloody week on Wall Street.  Dow plunges 240 points late today!  From the infamous 14k down to nearly 13k it’s been sad to say the least.  I’m still sitting entirely in cash.  The fed meets next week on August 7th.  I’m not sure what they’ll say because they are really caught between a rock and a hard place.   If they lower rates, the US Dollar will be worth less than toilet paper.  If they raise rates, the USD will recover but we’ll have economic mayhem as the housing and lending (e.g. Financial) markets tank.  I’ll write more about this on Monday but things are in pretty bad shape.

Lots of opportunity for money to be made if you have the stomach for it.  I’m sitting tight on my cash until after the fed meeting to see how things are going to go….

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