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WATCH LIST FOCUS

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WATCH LIST FOCUS 12-02-05

UPDATE ON WATCH LIST - NFLX and PTIE.
Our watch list are positions that we are monitoring that we might
have to act on by closing out the position. We will keep you informed
of the situation regarding these two positions in the future.


- NFLX closed to the good, above our strike price of $27.50 on Friday however
we are going to continue to monitor NFLX's performance for now, because
the position is only bearly out-of-the-money and we feel it is better to maintain a watch on
the position than to take it off the watch list. We looking for support at
the $27.50 - $28 as the next hurdle. We are currently still watching this position.

- PTIE closed around $7.24 on Friday, we are still a few cents into the
money against our $7.50 Strike price and we will be keeping an eye on PTIE and
will inform you of any change or developments that might merit action to be taken on our PTIE position. We are still looking to build a base in the low $7.20- $7.60 area.

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