Portfolio 24 - fully invested!

I am shortcutting this a little bit, in the interest of my personal time. This first month I've had little time to research new opportunities, so I am taking the quick way out.

Here's the problem. In order to make my goal of 2% for this month, I really need to be nearly fully invested. I also do not want to just invest in anything, just to be invested.

Now, I will say that I have nothing against my holdings being concentrated -- but I dislike being more than 10% in any one stock for the Port 24. That is because I want this to be something that anyone could follow and be able to sleep at night holding real money in their accounts. In the future I will make all attempts to be diversified in at least 10 stocks, but for the remainder of this month I am pouring the remainder of my uninvested cash into Elan.

On the plus side, this is my currently most-favored stock, both short and long term (Dendreon is a close second). And, although I could probably make a better return by selling $24 calls, I am hedging a bit by selling June calls at $23.

When I "bought" Elan today, it was at $24.62. The June $23s were selling at $2.30 each and the $24s were at $1.65. So, if by June 20 Elan is above $23, I make $23.00 + 2.30 -24.62 = $.68 per share -- minus all transactions costs I make about 2.5% for the next 17 days.
If I had gone for the $24s (which I probably would have done in real life, IF I were selling calls against Elan in real life, which I don't think I would!!) then I'd make $24 + 1.65 - 24.65 = $1.03 per share -- or 4% after transaction costs.

So, we're at:
Cash = $2547
Positions = 2000 SUPG (-20), 2000 NBIX (-10), 1400 ELN (-12), 2000 DNDN (-10), 1200 TASR (-12), 2000 ARNA (-20), 300 WYE (-3), 1000 SGMO (-10)
Total Port = $102,081, after taking into account that stocks above their exercise price have no intrinsic value. I'm at my 2%!!

Regards,
Trond