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I am not going to spend much time here today since I spelled out my expectations in detail in the opening commentary. I do not want to add any new positions unless we buy them right. For that reason I am going to leave only HP and TLM as potential candidates. I did adjust the entry point on TLM slightly.

I also changed the incorrect symbols from last week. Thank you John for giving me the heads up.

I changed the strike on the HP option for a better return if we get triggered.

I would actually hate to be triggered on these positions because it would mean a lot of lost profit on the other existing positions. But, you have to play the cards you are dealt.

Good luck!

Dropped Entries


New Watch List Entries


Current Watch List

TLM $47.70 Talisman Energy

** Breakout target - None **
** Breakdown target $45.00 **

Company info:

Talisman Energy Inc. (Talisman) is an independent international upstream oil and gas company whose main business activities include exploration, development, production, transporting and marketing of crude oil, natural gas and natural gas liquids. The Company's operations, during the year ended December 31, 2004, were conducted principally in four geographic segments: North America, the North Sea, Southeast Asia and Algeria. The Trinidad Angostura project began production in January 2005. Exploration is being advanced in other areas outside the principal geographic segments, including Alaska, Colombia, Qatar and Peru. During 2004, total production averaged 438 million barrels of oil equivalent per day (mboe/d) and the Company exited the year producing 452 mboe/d in December. In 2004, the Company drilled 641 successful wells.

Breakdown Target
BUY Jan 2006 $50 CALL TLM-AJ ** Change from last week **
(no leaps)


HP - $58.00 Helmerich Payne

** Breakdown Target $54.00 **

Helmerich & Payne, Inc. is primarily engaged in contract drilling of oil and gas wells for others. It is also engaged in the ownership, development and operation of commercial real estate. The Company is organized into two separate operating entities: contract drilling and real estate. The Company's contract drilling business is composed of three business segments: United States land drilling, United States offshore platform drilling and international drilling. The Company's United States land drilling is conducted primarily in Oklahoma, Texas, Wyoming, Colorado, and Louisiana, and offshore from platforms in the Gulf of Mexico and California. The Company also operated in eight international locations during the fiscal year ended September 30, 2004: Venezuela, Ecuador, Colombia, Argentina, Bolivia, Equatorial Guinea, Chad and Hungary. In addition, the Company is providing drilling consulting services for one customer in Russia. Its real estate investments are located in Tulsa, Oklahoma.

Breakdown Target
BUY MAR 2006 $60 CALL HP-CL currently $5.10
(no leaps)

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