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[Weekend Summary]

Dear Member,

Certainly an interesting day in the market. The major indices were up but on slightly lower volume and that indicates that there still may not be support for a major move up. I am holding my June 108 Puts (DIARD) on the "Diamonds" as a hedge against a downward market move.

Right now, though, the market is moving up and that has certainly benefitted my calendar spread on Nanometrics (NANO). I won the June 12.50 calls (QNKFV) and am short the Feb 15 calls (QNKBC). The stock closed up 53 cents at $13.44. That helps the June calls and the Feb 15's are still out of the money.

My Feb 40 naked puts on Briggs and Stratton (BGG) have a lot of profit in them right now and the stock was up 76 cents on decent volume today. That is certainly good.

Yahoo (YHOO) continues to consolidate around 35 and I own the Jan '06 35 LEAPS calls (WYHAG). I have been able to make some money by selling the Feb 35 calls as a covered position against those LEAPS. The play still looks pretty good to me.

Though the price of EBAY has continued to fall, I have been able to roll the calls I have been selling down for more profit on that leg each time. My Jan '07 80 LEAPS (OYIAP) have losing ground, but selling and rolling the shorter term calls has reduced risk and produced some nice income. I am currently short the Feb 85 calls and may well roll down next week for some more income.

Siebel Systems (SEBL) bumped up a bit and that is good for my '06 $15 calls. I sold the Feb 15 calls against them a while ago to bring in some income and those look like they will expire worthless (good for me) this month.

My Feb 60 calls on Harley Davidson (HDI) that are left over from an original straddle are now $1.27 in the money.

I also have an August 30 straddle on Nextel (NXTL). The stock has moved back up to near resistance at 30. I'm just waiting for a good move in either direction on this one.

I am on Maui right now and won a closest to the pin contest to benefit prostate cancer research. The prize was an Arnold Palmer putter and ARNOLD PALMER PRESENTED THE PUTTER TO ME HIMSELF. What a wonderful man and what a thrill for me. Arnold is playing in the Senior Skins tomorrow with Tom Watson, Jack Nicklaus and Craig Stadler.

Have a fantastic weekend.

Bill



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