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RIMM - $215 +15.36 - Research in Motion

RIMM continued its unbelievable ride with another $15 gain. RIMM announced it was preparing to deliver BlackBerry phones to corporate customers in China. Expect some profit taking!

For initial commentary see the July 1st newsletter.

Breakdown trigger: $168.00 hit 6/25

Call spread:
Position: LONG 2009 $180 LEAP Call VHO-AP @ $32.60
Position: SHORT 2009 $230 LEAP Call VHO-AF @ $10.47

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NOV - $110.11 +5.87 - National Oilwell ** Stop Loss $104 **

No news for NOV but the rally continues. A move over $110 could trigger additional buying. Earnings were scheduled for July 25th. I raised the stop to take us out with a profit should oil crash.

For initial commentary see the July 1st newsletter.

Earnings Schedule: July 25th

Breakdown trigger: $100 hit 6/27
(no leaps)

Position: Feb 2008 $110 Call NOV-BB @ $10.50

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GSF - $75.07 +2.82 - GlobalSantaFe *** Stop Loss $70 ***

GSF closed at a new historic high on Friday and there appears to be a lot of rising support on no news. I raised the stop just in case.

For initial commentary see the July 1st newsletter.

Breakdown target: $70 Hit 6/27

Position: 2010 $80 LEAP Call WEJ-AP @ $10.10

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CNQ $67.80 +1.45 Canadian National Res ** Stop Loss $64.50 **

The rebound continued on no news. I raised the stop to protect the position.

For initial commentary see the July 1st newsletter.

Breakdown target: $65 Hit 6/25

Position: Jan 2009 $70 LEAP Call OKR-AN @ $9.50

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NOK - 28.92 +0.81 Nokia

Nokia continued its bounce but suffered on Thursday after saying it would take a $100M charge for restructuring. It is poised to break that $29.50 barrier and that could produce some additional short covering. The more Apple and RIMM are in the spotlight the better for Nokia. They are bigger than both put together and have dozen more products.

For initial commentary see June 24th newsletter

Breakdown trigger: $28.00 Hit 6/21

Position: 2010 $30 LEAP Calls WIK-AF @ $4.90

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BRS - $50.90 +1.35 Bristow Group ** Stop Loss $49.50 **

Bristow recovered some lost ground but is not performing as well as the rest of the sector. I put on a stop loss in case there is something happening we don't know about.

For initial commentary see June 17th newsletter

Bristow has no LEAPS

Breakout trigger: $50.50 hit 6/14

Position: Dec $50 Calls BRS-LJ @ $5.00

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MDR - $89.89 +6.77 - McDermott Intl ** Stop Loss $81 **

MDR continues to explode higher. The only news for the week was an upgrade in their credit rating by S&P and Moody's. I put on a stop loss just in case.

For initial commentary see June 17th newsletter

Breakout trigger: $78.00 Hit 6/11

Position: 2009 $80 LEAP Call OYZ-AP @ $9.80

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HOS - $39.33 +.57 - Hornbeck Offshore *** Stop $38.25 ***

No news on HOS and no move. I raised the stop to take us out on any future weakness.

For initial commentary see June 10th newsletter

Breakdown trigger: $39.00 hit 6/08

Position: 2009 $40 LEAP Call ZIG-AH @ $8.00

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HDY - $2.95 -0.19 Hyperdynamics Corp

No news and no movement. Still waiting for the contract to be ratified.

The Guinea National Assembly is going to ratify the HDY contract for revenue sharing before the current special session closes. This contract when ratified will become a "Project of Law" or super contract that cannot in normal circumstances be broken. Once the contract is ratified HDY will begin a rapid development phase on its 31,000 square mile lease.

For initial commentary see June 3rd newsletter.

Position: HDY stock @ $2.44

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TSO - $58.91 +1.76 - Tesoro *** Stop Loss $56.00 ***

I am afraid the Tesoro rocket has run out of gas. There was no news but with the refineries coming back online and crude supplies rising the odds are good we are going to see a refiner crash soon. I raised the stop once again.

For initial commentary see April 29th newsletter.

Earnings: May 3rd, $1.67 vs 61 cents in comparison qtr

Breakout target: $55 hit 10:AM on 4/23/07

Position: 2009 $120 LEAP Call ZGC-AD @ $16.68
Post split: (2) 2009 $60 LEAP Calls ZGC-AL @ $8.34

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ATW $71.87 +3.25 - Atwood Oceanics ** Stop Loss $66 **

Atwood closed at a new historic high on Friday and appears to be in full breakout mode. ATW is a potential takeover candidate. No news and no change in play.

Interesting article in Investors Business Daily regarding Atwood.
http://biz.yahoo.com/ibd/070418/newamer.html?.v=1

For initial commentary see April 29th newsletter.

Earnings: May 8th est $1.08, actual $1.01

Breakout trigger $60.50 hit 4/23/07
Position: 2009 $70 LEAP Call ZFJ-AN @ $6.50

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BHP - $65.28 +5.53 - BHP Billiton *** Stop Loss $61 ***

BHP rocketed higher on renewed M&A interest in the sector. BHP has literally gone ballistic again and we could see some strong profit taking if the global metals story dies. I raised the stop again. BHP has risen more than 50% since we entered this position back in March.

Prior commentary:

BHP continues to rise on speculation that China could be eying a takeout of BHP to help fuel their metal needs. China recently formed a $237 billion investment company and BHP is thought to be a target of that investment. China has a history of buying commodity assets to prevent other countries from having access. China is consuming large amounts of metals and ores and taking BHP's assets off the market would be a major achievment for China and a serious problem for the rest of the world. BHP has mining assets in everything from coal, uranium, various metals and oil. With a marker cap of $163 billion it would be a big bite for China but entirely doable.

No earnings date announced.

For initial commentary see March 17th newsletter.

Earnings schedule: No date announced.

Breakout target $43.50 hit March 12th

Position: JAN-09 $50 LEAP Call ZPK-AJ @ $6.00

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CCJ - $50.26 -.48 - Cameco *** Stop Loss $47.50 ***

CCJ rebounded from another midweek slump and news on Friday of a successful union contract revision provided a minimal boost. I am going to keep the stop in place.

In April Cameco projected sales would be 50% higher in 2007.

Worldwide there are 24 new reactors being built, 41 on the drawing boards and 113 in the proposal stages. If all were built it would be a 50% increase from the 435 reactors now in operation. In 2006 the world consumed 180 million pounds of uranium but produced only 103 million pounds. The rest came from Russian nuclear warheads being decommissioned. The supply from those warheads is dwindling and will be completely gone by 2015.

For initial commentary see March 10th newsletter.

Earnings Schedule: July 30th

Breakout trigger: $37.50 Hit March 7th

Position: JAN-09 $40 LEAP Call ZBK-AH @ $7.80

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PTR - $157.50 +8.82 - Petrochina *** Stop Loss $147.50 ***

PTR was unbelievable again with nearly a $10 gain on no real news. I raised the stop to $10 under Friday's close just in case this rocket runs out of fuel. We are up +$33 in this one position!

For initial commentary see March 10th newsletter.

Breakdown target:
$110 1/2 position - hit Mar-5th

Position: JAN-09 $120 LEAP Call ZJK-AD @ $10.70
Cost reduction 4/19 $10.70 -2.25 = $8.45

Cost reduction play:
Position: stopped @ $114 4/19
Short June $105 Put PTR-RA @ $3.40, exit $1.15. +2.25

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CHK $35.25 +.65 - Chesapeake Energy ** Stop loss $33.50 **

Still simple math but CHK is holding just over our stop. Gas plunged to levels not seen since May-2005 and gas stocks imploded. CHK did say it had acquired another 8500 acres in the Barnett Shale and was looking to acquire more. Maintain the stop at $33.50 but don't close the put if the LEAP is stopped. No change in play.

For initial commentary see Dec-9th newsletter.

Earnings: May 4th, 87 cents vs est of 78 cents

Current recommendation: Hold

Position: 2009 $35 LEAP VEC-AG @ $5.30

Insurance put:
Oct $30 Put CHK-VF @ 90 cents. Profit stop $28

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MRO $63.59 +3.63 - Marathon Oil *** Stop Loss $59.00 ***

MRO is finally recovering from its post split depression and put several days of gains together. No other news.

I raised the stop.

For initial commentary see Nov-18th newsletter.

Earnings: May 1st, $2.04 vs est $1.93

Current recommendation: Buy above $60

Position 2009 $100 LEAP Call VXM-AT @ $12.60
Cost update: Expired March put +65 cents to $13.25
Post split: (2) 2009 $50 LEAP Calls VXM-AJ @ $6.62

Insurance put: 2/18/07
Position: March $85 PUT MRO-OQ @ 65 cents. expired

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SLB $88.33 +3.39 Schlumberger *** Stop Loss $83 ***

SLB appears ready for a new breakout. It could be residual interest from the addition to the Russell indexes supplying the support or just the rising price of oil. Maintain the stop at $83.

For initial commentary see Oct-14th newsletter

Earnings schedule: July 20th

Current recommendation: hold

LEAP Position:
1/2 9/11/06 @ $8.60
1/2 9/12/06 @ $8.00
Position: 2009 $70 LEAP Call VWY-AN @ $8.30
Cost update for expired Jan put +2.00 = $10.30
Cost update for expired June put +1.15 = $11.45

Insurance Put: 9/18
Position: Jan $50 Put SLB-MJ @ $2.00, expired

Insurance put:
Position: June $70 PUT SLB-RN @ $1.15, expired

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SUN $82.08 +2.40 - Sunoco *** Stop Loss $78.50 ***

No news. SUN continued its rebound and is currently out of danger but once the price of gasoline breaks it will drop like a rock. Maintain the raised stop at $78.50.

For initial commentary see Oct-14th newsletter

Earnings: May 3rd, 70 cents vs 59 cents in comparison qtr

Current recommendation: Hold

LEAP Position:
9/12/06 Position: 2009 $70 LEAP Call VUN-AN @ $13.50
Cost update expired Jan put +2.40 = $15.90
Cost update expired June put +0.85 = $16.75

Insurance Put:
Position: Jan $55 Put SUN-MK @ $2.40, expired

Insurance put:
Position: June $70 PUT SUN-RN @ 85 cents, expired.

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Non-Energy Positions
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BZH - $23.98 -.69 - Beazer Homes *** STOP LOSS $28.75 ***

Beazer was heading south in a hurry until Friday. Thursday's low was a fresh 52-week low and our put was finally in the money. Friday's rebound by the homebuilders in general gave it a dollar boost but this is still a stinker heading for lower levels.

Beazer has several suits pending, some seeking class action status on charges it practiced predatory lending, filed illegal loan documents and manipulated its stock price.

For initial commentary see March-31st newsletter

Earnings: April 26th, -1.12 vs +2.35 in the comparison quarter.

Position: Jan-08 $25 PUT WZF-ME @ $3.10
 

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