每日持倉位 ------ July 19, 2007

Today\'s Transactions:

a). Bought SNDA at $32.99 Stop when the stock closes below $29
Reason: this is purely a technical play as I\'m not familiar with the
fundamental of the online game industry. The valuation of the stock is
reasonable compared with other Chinese stocks in US market. Most Chinese
stocks listed in US have broken their previous barriers and SNDA has a good
chance of doing so as well.

b). Bought SPWR Sep 07 90 Put at $23.6 Stop when the stock closes above $71
Reason: this is a hyped stock in a hyped industry. The disappointing margin
result and near-term earning issues provide a good entry point. Admittedly,
if oil continues to move higher, alternative-energy sector may continue to
move higher. Therefore, I set a relatively tight stop-loss.


Today\'s Return: 0.42%
Return since inception(June 05, 2007): 17.03%
S&P 500 Return since June 05, 2007: 0.90%
Leverage: 1.70

My positions:

Long:
GRMN Oct 07 40 Call
GRMN Jan 08 50 Call
PG
CROX Jan 08 20 Call
UTSI Jan 09 10 Call
MS
MU
SNDA

Short:
XHB Dec 07 40 Put
FRO Aug 07 55 Put
SPWR Sep 07 90 Put