每日持倉位 --- July 26, 2007

Today’s Transactions:

Closed SPWR Sep 90 Put at $23.70
Reason: The stock is doing pretty well in a big down day(indicating more
buying power than selling power) in spite of secondary offers and
convertible offers. So close the position and move on.

Closed FRO Aug 55 Put at $9.10
Reason: It is usually cheaper to buy short-term option. However, there
is a cost associated with this. That is, you get less cycles(one up and
down is considered as a cycle) to play before the expiry date. Although
it is likely that FRO would eventually reach a price lower than today\'s
closing price, it may also have a short-term rebound and close at a
cycle high on the option expiry date. As I expect the market may have a
short-term rebound, so just close the position and move on.

Closed CROX Jan 20 Call at $30.50
Reason: This is a high growth stock. Although I like the growth
perspective, the valuation is much richer now compared to two months ago
when I purchased the option. So closed the position and take profits.

Sold part of MU at $12.14
Reason: The DRAM market contiunes to struggle with over supply issue. So
sell part of the position to raise cash for other better opportunities.

Today’s Return: -2.47%
Return since inception(June 05, 2007): 13.37%
S&P 500 Return since June 05, 2007: -3.67%
Leverage: 1.36

My positions:

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

Short:
XHB Dec 07 40 Put