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[Weekend Report]

Dear Member,

I bought the Jan '07 $10 calls on Micron (MU) this week and the stock has been cooperating nicely. It was up 46 cents today and has moved well since entry.

I am still in the Feb 40 naked puts on Briggs and Stratton (BGG) and the stock went back above the $40 mark today. Earlier in the week, I tried to roll out from Feb by buying to close those 40 puts and then sell the Mar 40 puts. The market makers were not willing to give me the credit I wanted so I am still in the February's. That's just fine with me if the stock stays above 40 and, if not, I'll roll them next week.

EBAY has turned up and that looks good for my Jan '07 80 calls. As it was sliding, I made some decent income selling calls against the position. I am currently short the Feb 85 calls and will just see whether I need to adjust next week or not. I really like the LEAPS I own.

I own the Jan '06 35 calls on YHOO and on January 24th, I sold the Feb 35 calls for 90 cents as a covered position. Today, 18 days later, I bought back those Feb 35 calls for 35 cents and realized a nice $0.55 a share profit before commissions on that leg. At the moment, I like what I am seeing with YHOO. Yesterday, it formed a Japanese candlestick "hammer" near support and the stock was up today. I would have preferred to see a little better volume today, but overall I am happy with my position.

The put side of my August 30 straddle on Nextel (NXTL) is profitable right now, but I am not yet doing any adjusting of the position. The stock has broken below the 18 and 40 day moving averages and looks like it could fall a bit farther.

I have a calendar spread open on Nanometrics (NANO) where I bought the Jun 12.50 calls and sold the Feb 15 calls. The stock has moved up, but has not reached the 15 level so I really like what I see. If it doesn't get above 15, I can sell more calls with a March expiration if I want. That would bring in more income and reduce risk in the position.

Siebel Systems (SEBL) is bouncing along support. I own the Jan '06 15 calls and sold the Feb 15 calls some time ago. It certainly looks like they will expire worthless and I'll be able to sell some strike calls again for March. More income, less risk once again.

I finally sold the Feb 60 calls on Harley Davidson (HDI) and got 90 cents for them. They originally were part of a straddle.

I still own the Jun 108 puts on the Diamond Trust (DIA) as a hedge in case the market turns back down. The Dow 30, Nasdaq and SP-500 are again approaching resistance. I think a breakout would portend a nice bullish move in the markets.

I'll be heading home from Hawaii on Sunday. It's been a wonderful trip. Have a great weekend.

Bill

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