每日持仓位 --- July 30, 2007

Today’s Transactions:

Bought DRYS at $55.77 Stop if the stock closed below $49
Reason: This is a stock that I started to buy last June at $10.85 and
sold out the last share in early May when it was traded at around $41.
It seems that I have sold way too early as BDI index shows surprisingly
strength. With limited dry ships supply and strong commodity prices, I
expect BDI index to stay for the remaining of this year so it should
bold well for DRYS.

Bought GOOG Dec 07 400 Call at $127.80 Stop if the stock closed below $490
Reason: Although Google recently missed Wall Street earning expectation,
the valuation of the stock looks pretty attractive(26 times forward
earnings). As the company slows its hiring in the second half this year,
the earning power should return. In addition, there is a possiblity that
Tech sector will be a sector that attracts fund managers late this year.

Closed MU at $11.99
Reason: The DRAM prices still show weakness across the board although
there is some sign that NAND prices have bottomed. Since the stock has
fallen back to its previous trading range, I would cut loss and save
cash for better opportunities.

Today’s Return: 3.54%
Return since inception(June 05, 2007): 14.83%
S&P 500 Return since June 05, 2007: -4.24%
Leverage: 1.49

My positions:

Long:
GRMN Oct 07 40 Call
GRMN Jan 08 50 Call
PG
UTSI Jan 09 10 Call
MS
DRYS
GOOG

Short:
XHB Dec 07 40 Put