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CVX - $84.36 +.94 - Chevron Put *** Closed for +165% Profit ***

Chevron hit a 4-month low on Thursday at $78.25 and we closed it for a nice profit.

For initial commentary see the July 22nd newsletter.

7/23/07 Position:
Dec $90 Put CVX-XR @ $4.70, exit $12.50, +$7.80, (+165%)

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TSO - $46.95 -2.35 Tesoro Put *** Closed for +117% Profit ***

Tesoro duplicated its 7-month low on Thursday at $42.72 and we closed the play for a nice profit before a +$5 rebound.

For initial commentary see the July 22nd newsletter.

7/23/07 Position:
Nov $50.00 PUT TSO-WJ @ $3.50, exit $8.10, +4.10, (+117%)

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XLE - $67.50 -0.22 Oil SPDR Put *** Closed for +186% Profit ***

The XLE continued to be hammered by the broader market sell off. The refiner upgrade helped it slightly as did the 200-day average. This is a long term position and we need to get into September before any major breakdown should occur.

For initial commentary see the July 15th newsletter.

Breakdown trigger: $72, hit 7/18

7/18/07 Position:
Dec $70 Put XBT-XR @ $3.00, exit $8.60, +5.60 (+186%)

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HOS - $37.64 -5.07 - Hornbeck Offshore *** Stopped $39.50 ***

Hornbeck was knocked for a -$10 loss over three days as support finally crumbled under the market pressure.

For initial commentary see June 10th newsletter

Earnings: August 2nd

Breakdown trigger: $39.00 hit 6/08

Position: 2009 $40 LEAP Call ZIG-AH @ $8.00, exit $7.00 8/16

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CHK $33.55 -0.47 - Chesapeake Energy ** Stop $29.00 **

This is an insurance put we bought really cheap several months ago when CHK was a long LEAP position. We were stopped on the LEAP but kept the put in play.

CHK continued to slide despite a bounce in gas prices. Our exit may be coming soon.

Insurance put:
Oct $30 Put CHK-VF @ 90 cents. Profit stop $29


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Non-Energy Positions
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RIMM - $220.52 +13.52 - Research in Motion

RIMM rebounded +$35 from its Thursday low of $185 to put it right back in the prior congestion range. Plenty of time and no hurry to exit.

For initial commentary see the July 1st newsletter.

Earnings schedule: Sept 27th.

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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BSC $118.20 +8.00 - Bear Stearns *** Stop Loss $97 ***

BSC was one of the most volatile stocks for the week with a $25 swing from low to high. This was the second week in August that BSC had a $25 range. The worst could be behind BSC and we got in at the bottom of the first dip and a 2-year low. Assuming nothing new appears to muddy the water we should be in good shape.

Breakdown target $100 hit 8/06/07

Position: 2010 $120 LEAP Call YBO-AD @ $25.60
 

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