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TS $48.83 3.78 - Tenaris *** Stop Loss $42 ***

Very nice recovery for Tenaris after dipping to $44 the prior week to trigger our entry at $46. The return to $50 on Thursday was almost a breakout. That is decent resistance at $50 but pipe volume is not going down. It should be only a matter of time before $50 breaks.

Breakdown trigger: $46.00 hit 3/19

Position: SEP $50 Call TSW-IJ @ $3.40

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HP $43.20 2.96 Helmerich & Payne *** Stop Loss $41 ***

No news but HP recovered from the market inspired beating it took the prior week. This is still the best chart in the portfolio.

Earnings: Jan-31st $1.02

Position: Jan 2009 $35 LEAP Call ZQA-AG @ $4.50

Insurance put:
Position: Nov $30 HP-WF. @ .50, expired


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Non-Energy Positions
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C $20.83 -1.67 - Citigroup *** Stop Loss $20.00 **

What a difference a week makes! Citi rebounded from $18 to $24 in one week then gave back nearly $4 in only 3-days as Oppenheimer stirred up trouble calling for a 25% decline in banking stocks. I added a stop just in case.

Position: 2010 $25 LEAP Call WRV-AE @ $4.00

Insurance:
Position: June $17.50 Put C-RR @ $1.25


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Covered LEAP Calls
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AAPL $143.01 9.74 Apple Inc *** Covered LEAP Call ***

All the news is good on Apple and news out this week was the projection by BAC that 8 million 3G iPhones would be built in Q3.

Position:
Long: AAPL @ open of $177.52 (Jan-14th open)
Short: 2009 $150 LEAP Call VAA-AW @ $20.80
Breakeven: AAPL @ $136.12

Position changes:
Closed $200 LEAP Short @ $9.40 ($30.00 - 9.40 = gain 20.60)
Replaced with $150 LEAP short @ $20.80
AAPL cost basis $177.52 - $41.40 (20.60 20.80) = 136.12
Breakeven: AAPL @ $136.12

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RIMM $115.34 10.40 Research in Motion - No stop

Outstanding! RIMM moved very close to old resistance at $120 on an upgrade from RBC capital. The future is bright and I think the worst is behind us.

Alert entry 11/12 @ $102.60

Covered LEAP Call:

LONG RIMM @ $102.60 (cost $102.60 -9.10 $150 LEAP = 93.50)
SHORT 2009 $110 LEAP Call VHO-AB @ $18.30 on 1/14/08

Closed: 1/14
SHORT 2009 $150 LEAP Call XTB-AJ @ $18.50, close $9.40 9.10
 

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