Sold General Electric (GE) Puts

Today with the Dow down 50 to ~11500 and GE down to 15.02 I entered into the following transaction in a traditional IRA:

Sold 3 GE Jan 2012 15 Puts @ .9                              +257.71

These puts are cash secured. If they expire worthless they return 5.7% which equates to 34.67% annually. If these are put to me (and I don't decide to roll them) then we are happy to own GE at 14 and change. Yield on cost at that point will be ~4.2%. GE has shown great support at the 14 level.

I've been pretty active over the last couple of days. The fear and uncertainty in the markets seem to have created attractive income opportunities. Buy low, sell high. Get greedy when the masses are fearful, get fearful when the masses are greedy. Happy Holidays.