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[Weekend Summary]

Dear Member,

There was so much lightning around here last evening and last night that I shut down the computer and decided to send the "Summary" out today.

A pretty blah week for the Naz (+4.95) and the SP-500 (+.22) with a 60 point drop in the Dow 30. Most of my efforts went to adjusting existing positions. I adjusted my condor on AMD by buying to close both of the short legs (the Jun 16 calls and the Jun 15 puts) for a very small realized loss. That left me with a strangle position in which I am long the Jun 17 calls and the Jun 14 puts. The Jun 17 calls are currently in a place that makes the whole trade profitable and I have placed a stop to sell them contingent on the stock going below $17.04. The stock closed at $17.08 so I wouldn't be surprised to be stopped out of that leg first thing Monday. That would leave me with the Jun 14 puts and a downward move of the stock could put some value in them as well.

You'll probably recall that I still have the Aug 30 calls on Nextel (NXTL) that remain from an original straddle. NXTL finally made a move up through resistance which benefitted this leg. I currently have a stop to sell this leg contingent on the stock going below $30.44. Hopefully, I'll be able to move that up next week to gain more ground with the position.

SPY was essentially flat for the week, closing at 120.15. That was just fine for the Jun 121 calls I sold against my Dec '07 115 and 120 LEAPS calls.

Yahoo (YHOO) advanced $0.78 for the week and closed at $37.92. I own the Jan '07 35 calls and covered them with the Jun 37.50 calls. I am watching to see whether I need to buy back the June's. So far, I don't see the need since the stock just bounced down off resistance and looks like it could retrace to about $36.85.

After several bullish weeks, EBAY took a rest. If it is retracing, that will provide the opportunity to sell some short term calls against my LEAPS position. A similar situation exists with respect to Micron (MU). It bumped against resistance a couple of times around $11.10. If it can't break through, I'll look at selling some short term calls against my '07 10 LEAPS calls.

Nanometrics (NANO) is doing absolutely nothing. I may pull the plug on my Jun 12.50 calls this coming week if I don't see some movement.

I still am naked Jul 40 puts on Briggs & Stratton (BGG) and as it languishes, the time value continues to run in my favor. Of course, I run the risk of having it put to me at any time. Again, that is ok for me because I like the company and have the cash to buy the stock if put to me. I'll just start selling calls.

Siebel (SEBL), while showing some promise recently, remains in a trading range. I'll be looking for a spot to sell calls against my '07 12.50 LEAPS calls next week. That would bring in some income and reduce risk it the position which was never very great in the first place.

Mr. Greenspan will pontificate again next week and that is always a time to hold your hats.

I will be travelling next Friday so there will be no alerts that day.

Have a pleasant weekend.

Bill








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