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WATCH LIST UPDATE PTIE & NFLX

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WATCH LIST FOCUS 12-05-05 Monday

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 above our strike price of $27.50 with a close of $27.69 on Monday, but we are going to continue to monitor NFLX's performance. We are in the process of potentially building a base at $27.50 - $28 area. We are currently still watching this position.

- PTIE closed around $7.20 on Monday, 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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