Every so often we see a special opportunity that is not strictly in keeping with the MYFR system. We call them Scratch the Itch or STI opportunities. JP Morgan (JPM) was a STI we just couldn’t pass up. JPM and its Chairman seem to be at the center of all the government’s effort to contain the banking contagion. They have paid a nicely increasing dividend for 11 years and are well rated by Value Line. We doubt it will ever be allowed to drop to our $110 strike price so we pick up $534.68 in premiums. What’s not to like about that?