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Additional FEBRUARY 2007 Option Writer Recommendations 1-21-07

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We are adding the following put writes to our FEBRUARY RECOMMENDED list.

We are adding put writes in the following issues:

GRA - W. R. Grace & Co. produces specialty chemicals. They primarily operate through the following two business segments: Davison Chemicals and Performance Chemicals. Davison Chemicals manufactures catalysts (fluid cracking, hydroprocessing and polyolein) and silica and zeolite absorbents

JAS - Jo-Ann Stores, Inc. is one of the largest national category-dominant retailers serving the retail fabric and craft industry. The company serves households that engage in crafts and hobbies

We are recommending the following specific put writes:

GRA 21.12
SELL FEB 17.5 PUT = GRA-NW
Target Price $20.00
Potential Profit(10 x = $200.00
Initial Margin $4,424 10 (contracts)
Return on Investment 4.52%
Cost Basis in Stock = $17.30
Days to Expiration = 27
Stock goes on Watch List Price at: $19.50
STOP EXIT STRATEGY
Close option position if Stock CLOSES less than $17.50


JAS $25.25
SELL FEB 22.50 PUT = JAS-NX
Target Price $25.00
Potential Profit(10 x = $250.00
Initial Margin $5,300 10 (contracts)
Return on Investment 4.72%
Cost Basis in Stock = $22.25
Days to Expiration = 27
Stock goes on Watch List Price at: $24.50
STOP EXIT STRATEGY
Close option position if Stock CLOSES less than $22.50

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