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RECOMMENDED LIST FOR NOVEMBER

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INITIAL RECOMMENDATION LIST FOR NOVEMBER CREDIT SPREADS


We are recommending put credit spreads on the following companies.

AAPLE - (Apple Computer, Inc.)
engages in the design, manufacture, and marketing of personal computers
and related software, services, peripherals, and networking solutions worldwide. It also designs,develops, and markets a line of portable digital music players along with related accessories and services, including the online distribution of third-party music and audio books. The company's products and services include the Macintosh line of desktop and notebook computers; the Power Mac line of desktop personal computers; the iPod digital music player; the Xserve server; Xserve RAID storage products, a portfolio of consumer and professional software applications; the Mac OS X operating system; the online iTunes Music Store, a portfolio of peripherals that support the Macintosh and iPod product lines; PowerSchool software product, a Web-based student information system for K-12
schools and school districts; and a variety of other service and support offerings.


BSC - (The Bear Stearns Companies, Inc., a holding company,)
serves as a securities broker and dealer in the United States. It operates in three segments: Capital Markets, Global Clearing Services, and Wealth Management. Capital Markets segment's activities relate to institutional equities, fixed income, and investment banking areas. Its institutional equities consist of sales, trading, and research in areas, such as domestic and international equities, block trading, convertible bonds, over-the-counter equities, equity derivatives, risk and convertible arbitrage, and other specialist activities.

ILF - (iShares S&P Latin America 40 Index C/o Investors Bank & Trust Company)


We are recommending call credit spreads on the following companies.

SOX - The Philadelphia Semiconductor Index (SOX)

OSG - Overseas Shipholding Group, Inc.,
an independent bulk shipping company, engages in the ocean transportation of crude oil and petroleum products. The company also transports dry bulk cargo. It operates Foreign Flag very large crude carriers, Aframaxes, product carriers, and the U.S. Flag Crude Tankers. As of December 31, 2004, OSG's fleet strength consisted of 61 oceangoing vessels, including 51 vessels operating in the international market and 10 vessels operating in the U.S. Flag market.

SHLD - Sears Holdings Corporation,
through its subsidiaries, operates as a retailer in the United States. It offers home appliances, tools, lawn and garden products, home electronics, and automotive repair and maintenance products. The company offers its products through a portfolio of brands, including Kenmore, Craftsman and DieHard, Lands' End, Jaclyn Smith, Martha Stewart Everyday, and Joe Boxer, as well as the Apostrophe and Covington. As of March 28, 2005, the company operated 3,800 full-line and specialty retail stores in the United States and Canada


Here are the specific credit spreads we are initially recommending for November.

Put Spreads

AAPL 54.00

SELL QAA-WW AAPL NOV 47.5 PUT CREDIT = $0.45
BUY QAA-WI AAPL NOV 45 PUT DEBIT = $0.30
NET CREDIT = $0.15
INITIAL "NET- CREDIT TARGET= $0.15 or $15.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.15 = $150.00
MARGIN REQUIRE. (x 10 CONTRACTS $2,350.00
RETURN ON INVESTMENT= 6.38%
EXIT Strategy IF NET DEBIT = $0.45


BSC 103.46

SELL BSC-WS BSC NOV 95 PUT CREDIT = $0.80
BUY BSC-WR BSC NOV 90 PUT DEBIT = $0.45
NET CREDIT = $0.35

INITIAL "NET- CREDIT TARGET= $0.35 or $35.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.35 = $350.00
MARGIN REQUIRE. (x 10 CONTRACTS $4,650.00
RETURN ON INVESTMENT= 7.53%
EXIT Strategy IF NET DEBIT = $1.05

ILF 110.44

SELL IFB-WZ ILF NOV 104 PUT CREDIT = $1.45
BUY IFB-WX ILF NOV 102 PUT DEBIT = $1.30
NET CREDIT = $0.15

INITIAL "NET- CREDIT TARGET= $0.15 or $15.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.15 = $150.00
MARGIN REQUIRE. (x 10 CONTRACTS $1,850.00
RETURN ON INVESTMENT= 8.11%
EXIT Strategy IF NET DEBIT = $0.45

CALL Spreads


$SOX $442.69

BUY SWA-KR $SOX NOV 487.5 CALL DEBIT = $1.65
SELL SWA-KQ $SOX NOV 482.5 CALL CREDIT= $2.00
NET CREDIT = $0.35

INITIAL "NET- CREDIT TARGET= $0.35 or $35.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.35 = $350.00
MARGIN REQUIRE. (x 10 CONTRACTS $4,650.00
RETURN ON INVESTMENT= 7.53%
EXIT Strategy IF NET DEBIT = $1.05


OSG $49.88

BUY OSG-KL OSG NOV 60 CALL DEBIT = $0.45
SELL OSG-KK OSG NOV 55 CALL CREDIT= $0.90
NET CREDIT = $0.45

INITIAL "NET- CREDIT TARGET= $0.45 or $45.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.45 = $450.00
MARGIN REQUIRE. (x 10 CONTRACTS $4,550.00
RETURN ON INVESTMENT= 9.89%
EXIT Strategy IF NET DEBIT = $1.35

SHLD $115.67

BUY KTQ-KX SHLD NOV 135 CALL DEBIT = $0.95
SELL KTQ-KY SHLD NOV 130 CALL CREDIT= $1.45
NET CREDIT = $0.50

INITIAL "NET- CREDIT TARGET= $0.50 or $50.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.50 = $500.00
MARGIN REQUIRE. (x 10 CONTRACTS $4,500.00
RETURN ON INVESTMENT= 11.11%
EXIT Strategy IF NET DEBIT = $1.50

We will be informing you of additional spreads that will be added to the recommended list during this week.

We will be informing you of any action that needs to be taken on the recommendation
list on an ongoing basis, if and when they become necessary.



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