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Dropped Entries


New Watch List Entries
Atwood Oceanics

Current Watch List

UPL - Ultra Petroleum *** New trigger ***

Ultra reported on Friday a +42% increase in quarterly production to 28.5 bcfe. Production in Wyoming jumped +50%. UPL has a 27-year backlog of drilling inventory. Earnings are scheduled for May 2nd.

The announcement rescued them from a potential breakdown below $54 and prevented us from getting a potential entry at $50. I am hoping a continued decline in gas prices next week will help our cause. I am raising the trigger point to $53.

Company info:

Ultra Petroleum Corp. (Ultra) is an oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and gas properties. The Company's operations are focused primarily in the Green River Basin of southwest Wyoming and Bohai Bay, offshore China. As of December 31, 2005, Ultra owned interests in approximately 148,007 gross acres in Wyoming covering approximately 230 square miles. The Company owns working interests in approximately 330 gross productive wells in this area and is operator of 53% of the 330 gross wells. Its domestic operations are focused on developing and expanding a tight gas sand project located in the Green River Basin in southwest Wyoming. During the year ended December 31, 2005, the Company's Wyoming production was approximately 87.4% of total oil and natural gas production on a thousand cubic feet of natural gas equivalent (MCFE) basis and 98.5% of the Company's estimated net proved reserves were in Wyoming on an MCFE basis.

Breakdown target $53 *** New price ***

Buy JAN 2009 $60 LEAP Call OZH-AL


ATI - Allegheny Tech

Allegheny Technologies Incorporated (ATI) is a diversified specialty metals producer. The Company operates in three segments: High Performance Metals, Flat-Rolled Products and Engineered Products. The High Performance Metals segment produces, converts and distributes a range of high-performance alloys, including nickel and cobalt-based alloys and superalloys, titanium and titanium-based alloys, zirconium, hafnium, niobium, nickel-titanium and their related alloys. The Flat-Rolled Products segment produces, converts and distributes stainless steel, nickel-based alloys, and titanium and titanium-based alloys. The Engineered Products segment produces tungsten powder, tungsten heavy alloys, tungsten carbide materials and carbide cutting tools. ATI products are used in various markets. These markets include aerospace, defense, chemical process industry, oil and gas, electrical energy and medical.

Breakdown target $106.00

Call spread:
BUY JAN-09 $110 LEAP Call OYG-AX


TEX - Terex Corp *** New target/New Strike ***

Terex Corporation (Terex) is a diversified global manufacturer of capital equipment delivering solutions for the construction, infrastructure, quarry, mining, shipping, transportation, refining and utility industries. The Company operates in five business segments: Terex Construction, Terex Cranes, Terex Aerial Work Platforms, Terex Materials Processing & Mining, and Terex Roadbuilding, Utility Products and Other. The Company's products are manufactured at plants in North America, Europe, Australia, Asia and South America, and are sold primarily through dealers and distributors worldwide. During the year ended December 31, 2005, it acquired Halco Holdings Limited and its affiliates, and Power Legend International Limited and its affiliates. It entered into a joint venture with North Hauler Joint Stock Company Limited to produce high-capacity surface mining trucks in China. It has a 50%-ownership interest in Sichuan Changjiang Engineering Crane Co., Ltd.

Breakdown target $72.00

Call spread
BUY JAN-09 $80 LEAP Call VXQ-AP *** New Strike ***


TSO - Tesoro *** New targets ***

What is this? A multi-day decline? There appears to be strong support at $107 and I am raising the target to $105. Any support break may only be temporary.

Company info:

Tesoro Corporation (Tesoro) is an independent petroleum refiner and marketer with two operating segments: refining, which is engaged in refining crude oil and other feedstocks at its six refineries in the western and mid-continental United States and selling refined products in bulk and wholesale markets (refining), and retail, which is engaged in selling motor fuels and convenience products in the retail market through its 460 branded retail stations in 18 states. Through its refining segment, the Company produces refined products, primarily gasoline and gasoline blendstocks, jet fuel, diesel fuel and heavy fuel oils for sale to a variety of commercial customers in the western and mid-continental United States. Tesoro's retail segment distributes motor fuels through a network of retail stations, primarily under the Tesoro and Mirastar brands.

Breakdown target: $105
BUY 2009 $120 LEAP Call ZGC-AD *** New Strike ***

Breakout target: $110
BUY 2009 $120 LEAP Call ZGC-AD *** New target/strike ***


HAL - Halliburton

Halliburton Company provides a variety of services, products, maintenance, engineering and construction to energy, industrial, and governmental customers. Its six business segments are: Production Optimization, Fluid Systems, Drilling and Formation Evaluation, Digital and Consulting Solutions, Energy and Chemicals, and Government and Infrastructure. It refers to the combination of Production Optimization, Fluid Systems, Drilling and Formation Evaluation, and Digital and Consulting Solutions segments as its Energy Services Group (ESG). Halliburton Company’s Energy and Chemicals, and Government and Infrastructure segments are part of KBR, Inc. (KBR). As of December 31, 2006, the Company held an approximate 81% interest in KBR, Inc. In January 2007, Halliburton Company acquired Ultraline Services Corporation, a division of Savanna Energy Services Corp. In April 2007, the Company completed the separation of KBR. As a result, the two companies are separate and independent of each other.

HAL has completed the KBR spinoff and I don't think traders know how to value HAL yet. Options are cheap and we have plenty of time to wait for an entry.

Either entry cancels the other.

Breakdown target: $30
Buy 2009 $35 LEAP Call VHW-AG

Breakout target: $35
Buy 2009 $40 LEAP Call VHW-AH


ATW - Atwood Oceanics

Interesting article in Investors Business Daily regarding Atwood.

Company Info:

Atwood Oceanics, Inc. is engaged in the international offshore drilling, and completion of exploratory and developmental oil and gas wells and related support, management and consulting services. The Company's operations include eight offshore mobile drilling units located in five regions of the world, such as offshore southeast Asia, offshore Africa, offshore Australia, the Black Sea and the United States Gulf of Mexico. It also manages two self-contained platform rigs. During the fiscal year ended September 30, 2006 (fiscal 2006), 93% of its contract revenues were derived from foreign operations. The submersible RICHMOND is its only drilling unit working in the United States waters. The Company supports its operations from its Houston headquarters and offices located in Australia, Malaysia, Egypt, Malta, Indonesia, West Africa, Singapore and United Kingdom.

Breakout trigger $60.50
Buy 2009 $70 LEAP Call ZFJ-AN

Breakdown trigger $55.00
Buy 2009 $60 LEAP Call ZFJ-AL

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