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May 18th Model Portfolio (Limit Orders for Fri):

This portfolio will be updated each night. Less than 10 trades a month are expected. Limit Order adjustments will be noted one trading day in advance. Completed trades at bottom of page.

The QQQQ May calls are set to sell slightly above 39 1/4. The QQQQ Jun calls are set to sell above 39 3/4.

Fri Sell Orders:

QQQQ May 38 calls 1.30 X 1,000 = $130,000 5/12 2.60
QQQQ Jun 38 calls 2.00 X 1,000 = $200,000 5/16 2.30
QQQQ Jun 39 calls 1.70 X 1,000 = $170,000 5/15 1.60
QQQQ Jun 39 calls 1.50 X 2,000 = $300,000 5/15 1.50

My portfolio is about $595,000 including about $35,000 in cash.

Calls Contracts

QQQQ May 38 2006 1,000
QQQQ Jun 38 2006 1,000
QQQQ Jun 39 2006 3,000

Puts Contracts

None

Portfolio at $1,000,000 on Mar 1st, 2006. This model portfolio will be compared to the Trading Portfolio for performance. Each trade will consist of roughly one-fourth of the portfolio. Options will normally be held for one to three months or until price targets, including stop losses, are reached. Few trades will be made. Option buying and selling prices will be listed one day in advance. This portfolio is for investors, who are too busy to watch the market closely (commissions $1 per contract).

*Special Note: One large short-term option trade became too risky and resulted in a very large loss. Longer-term options should have been bought. Consequently, that trade made a mess of this portfolio, which closed at $488,000 in mid-Apr. Also, a stop loss on another large trade resulted in a very large loss.

Completed Trades (most recent first):

B22] 200 RTP Jul 210 puts at 5.60 = $112,000 5/1
S22] 200 RTP Jul 210 puts at 5.20 = $104,000 5/15 (-7% return)

B21] 200 PD Jun 90 puts at 6.50 = $130,000 5/2
S21] 200 PD Jun 90 puts at 6.50 = $130,000 5/15 (-0% return)

B20] 1,000 SPY Jun 132 puts at 2.00 = $200,000 4/28
S20] 1,000 SPY Jun 132 puts at 2.80 = $280,000 5/12 + 40% return

B19] 300 BHI May 90 puts at 4.50 = $135,000 5/3
S19] 300 BHI May 90 puts at 5.00 = $150,000 5/11 +11% return

B18] 1,000 IWM Jun 78 puts at 2.80 = $280,000 4/26
S18] 1,000 IWM Jun 78 puts at 3.20 = $320,000 5/11 +14% return

B17] 1,000 SPY Jun 132 puts at 2.10 = $210,000 4/21
S17] 1,000 SPY Jun 132 puts at 3.00 = $300,000 4/27 +43% return

B16] 500 PD May 85 puts at 2.80 = $140,000 4/19
S16] 500 PD May 85 puts at 4.40 = $220,000 4/24 +57% return

B15] 500 NUE May 110 puts at 2.80 = $140,000 4/17
S15] 500 NUE May 110 puts at 4.00 = $200,000 4/20 +43% return

B14] 2,000 PFE May 25 calls at 0.35 = $70,000 4/18
S14] 2,000 PFE May 25 calls at 0.45 = $90,000 4/20 +29% return

B13] 2,000 PFE May 25 calls at 0.35 = $70,000 4/18
S13] 2,000 PFE May 25 calls at 0.55 = $110,000 4/19 +57% return

B12] 1,000 PPH Apr 70 calls at 0.20 = $20,000 4/17
S12] 1,000 PPH Apr 70 calls at 0.50 = $50,000 4/19 +150% return

B11] 1,000 PFE May 25 calls at 0.35 = $35,000 4/17
S12] 1,000 PFE May 25 calls at 0.50 = $50,000 4/18 +43% return

B10] 1,000 OEX Apr 580 calls at 7.30 = $730,000 4/12
S10] 1,000 OEX Apr 580 calls at 4.00 = $400,000 4/17 (-45% return)

B9] 1,000 DOW May 40 calls at 0.90 = $90,000 4/11
S9] 1,000 DOW May 40 calls at 1.20 = $120,000 4/13 +33% return

B8] 1,000 IWM Apr 74 puts at 0.90 = $90,000 3/27
S8] 1,000 IWM Apr 74 puts at 0.60 = $60,000 4/10 (-33% return).

B7) 6,000 SPY Apr 130 puts at 2.033 = $1,220,000 3/13 to 3/15--Combined Order
S7) 6,000 SPY Apr 130 puts at 1.25 = $750,000 4/10 (-39% return).

B6) 1,000 IWM Apr 73 puts at 1.00 = $100,000 3/16
S6) 1,000 IWM Apr 73 puts at 1.00 = $100,000 3/22 (-0% return).

B5) 1,000 SPY Apr 130 puts at 2.70 = $270,000 3/9
S5) 1,000 SPY Apr 130 puts at 3.40 = $340,000 3/10 +26% return.

B4) 1,000 SPY Apr 130 puts at 2.20 = $220,000 3/2
S4) 1,000 SPY Apr 130 puts at 3.00 = $300,000 3/6 +36% return.

B3) 1,500 IWM Apr 73 puts at 1.40 = $210,000 3/1
S3) 1,500 IWM Apr 73 puts at 1.80 = $270,000 3/6 +29% return.

B2) 1,500 DIA Apr 111 puts at 1.70 = $255,000 3/1
S2) 1,500 DIA Apr 111 puts at 2.20 = $330,000 3/6 +29% return.

B1) 1,500 DIA Apr 110 puts at 1.50 = $225,000 3/1
S1) 1,500 DIA Apr 110 puts at 2.00 = $300,000 3/6 +33% return.

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