The Put & Call Tactician

Market Comment: Our indicators are giving neutral to bearish readings. The market should continue to decline over the next week as the international picture looks dangerous. But there is a strong historical tendency for a rally to begin on about Friday.

Date:01-20-06

Next Report:01-28-06


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Institute for Options Research, Inc.
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Days 'til expiration:
Stock Price:
Strike Price:
Volatility: (in %)
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Theoretical Price:



(c)Institute for Options Research Inc. 2000

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Our 2000 Track Record!

The results from all the Profit Box positions recommended in The Put & Call Tactician for the year 2000 are listed below . This track record is theoretical and assumes that you were able to take profits at the profit goal or exit at the stop-loss option price when the stock hit the profit goal or closed below the stop-loss price. or were able to get the corresponding option pirce in the Option Box at the end of the 3-week hold period. There were three exceptions where the stock price gapped up or down.

As with any track record, you cannot assume that present or future recommendations will equal past performance. Commissions are not included in these track rccord results.

A summary of the results shows that we recommended 188 positions. 49% were profitable. If you would have purchased one of each of the options, you would have invested $43,700 . Your profit before commissions would have been $13,700 or a 31% return for holding the position a maximum of three weeks. Here the annualized return would be over a 600% return. -----Ken Trester

Our 2001 Track Record!

The results from all the Profit Box positions recommended in The Put & Call Tactician for the year 2001 are listed below . This track record is theoretical and assumes that you were able to take profits at the profit goal or exit at the stop-loss option price when the stock hit the profit goal or closed below the stop-loss price. or were able to get the corresponding option price in the Option Box at the end of the 3-week hold period.

As with any track record, you cannot assume that present or future recommendations will equal past performance. Commissions are not included in these track rccord results.

A summary of the results shows that we recommended 169 positions. 44% were profitable. If you would have purchased one of each of the options, you would have invested $32,480 . Your profit before commissions would have been $5,700 or a 17.5% return for holding the position a maximum of three weeks. Here the annualized return would be a 251% return. Over 10 option positions almost hit their profit goal but eventually were stopped out. Therefore, be aggressive about taking profits on half of your position even if it does not hit the profit goal.-----Ken Trester

Our 2002 Track Record!

 

The results from all the Profit Box positions recommended in The Put & Call Tactician for the year 2002 are listed below . This track record is theoretical and assumes that you were able to take profits at the profit goal option price or exit at the stop-loss option price when the stock hit the profit goal or closed below the stop-loss stock price. or were able to get the corresponding option price in the Option Box at the end of the 3-week hold period. These option prices were determine by their implied volatility at the start of the strategy.


. Commissions are not included in these track record results. There is high risk in option trading. You can lose your whole investment. Our past results are theoretical no actual positions are taken. No representation is being made that any account will or is likely to achieve a profit. In fact, there are sharp differences between hypothetical performance and actual results. We advise all investors that it should not be assumed that present or future recommendations will be profitable or equal past performance.

A summary of the results shows that we recommended 149 positions. 47% were profitable(the stock hit profit goal or was positive after the hold period). If you would have purchased one of each of the options, you would have invested $22,756 . Your profit before commissions would have been $2,935 or a 12.8% return for holding the position a maximum of three weeks. Here the annualized return would be a 221% return. As in previous years several positions almost hit their profit goal but eventually were stopped out. Therefore, be aggressive about taking profits on half of your position even if it does not hit the profit goal. Several stocks gapped into the money showing much bigger gains than those reflected in the track record and several stocks moved much further beyond the profit goal. That is why it is important to let half of your position ride when you take profits with a trailing stop, even beyond the 3-week time period. .-----Ken Trester

Our 2003 Track Record!


The results from all the Profit Box short term positions and Long Term option positions recommended in The Put & Call Tactician for the year 2003 are listed below . This track record is theoretical and assumes that you were able to take profits at the profit goal option price or exit at the stop-loss option price when the stock hit the profit goal or closed below the stop-loss stock price. or were able to get the corresponding option price in the Option Box at the end of the 3-week hold period or parameters of the long term option plays. These option prices were determine by their implied volatility at the start of the strategy.

. Commissions are not included in these track record results. There is high risk in option trading. You can lose your whole investment. Our past results are theoretical no actual positions are taken. No representation is being made that any account will or is likely to achieve a profit. In fact, there are sharp differences between hypothetical performance and actual results. We advise all investors that it should not be assumed that present or future recommendations will be profitable or equal past performance.


Long Term Options


A summary of the results for the long term options shows that we recommended 47 positions(13 are still active and not included in the record but did show an overall profit at the end of the year). 62.8% were profitable(the stock hit the profit goal ). If you would have purchased one of each of the options, you would have invested $7245. Your profit before commissions would have been $5025 or a 69.9% return . This is not an annualized return. That return would be much higher. Also much bigger profits would have been made if you held part of your position after the profit goal was hit.


Short Term Options


A summary of the results for our short term option plays shows that we recommended 113 positions. 52.2% were profitable(the stock hit profit goal or was positive after the hold period). If you would have purchased one of each of the options, you would have invested $14,370. Your profit before commissions would have been $3090 or a 21.5% return for holding the position a maximum of three weeks. Here the annualized return would be at least a 372% return. As in previous years several positions almost hit their profit goal but eventually were stopped out. Therefore, be aggressive about taking profits on half of your position even if it does not hit the profit goal. Several stocks went much further beyond the profit goal. That is why it is important to let half of your position ride when you take profits with a trailing stop, even beyond the 3-week time period.
This year we introduced long term options and they generated much better returns than the short term positions. Such long term options have the big advantage of needing less trading and less attention.-----Ken Trester

Our 2004 Track Record!

The results from all the (Profit Box) short term positions and Long Term option positions recommended in The Put & Call Tactician for the year 2004 are listed below plus 2003 longer term options closed out in 2004 and not included in the 2003 track record.

This track record is theoretical and assumes that you were able to take profits at the profit goal option price (some options were priced after a gap up or down in the stock price and estimates were made when data was not available) or exit at the stop-loss option price when the stock hit the profit goal or closed below the stop-loss stock price. or were able to get the corresponding option price in the Option Box at the end of the 3-week hold period or parameters of the long term option plays. These option prices were determine by their implied volatility at the start of the strategy.

Commissions are not included in these track record results. There is high risk in option trading. You can lose your whole investment. Our past results are theoretical no actual positions are taken. No representation is being made that any account will or is likely to achieve a profit. In fact, there are sharp differences between hypothetical performance and actual results. We advise all investors that it should not be assumed that present or future recommendations will be profitable or equal past performance.


Long Term Options


A summary of the results for the long term options shows that we recommended 44 positions(19 are still active and not included in the record, but 13 are included from 2003. 46% were profitable(the stock hit the profit goal or closed with a profit ). If you would have purchased one of each of the options, you would have invested $7594. Your
profit before commissions would have been $2235 or a 29.4% return . This is not an annualized return. That return would be much higher. Also bigger profits would have been likely if you held part of your position after the profit goal was hit with a trailing stop.


Short Term Options


A summary of the results for our short term option plays shows that we recommended 96 positions. 54% were profitable(the stock hit profit goal or was positive or even after the hold period). If you would have purchased one of each of the options, you would have invested $13,135. Your profit before commissions would have been $3663 or a 27.8% return for holding the position a maximum of three weeks. Here the annualized return would be at least a 467% return. As in previous years several positions almost hit their profit goal but eventually were stopped out. Therefore, be aggressive about taking profits on half of your position even if it does not hit the profit goal. Several stocks went much further beyond the profit goal. That is why it is important to let half of your position ride when you take profits with a trailing stop, even beyond the 3-week time period.
-Ken Trester

 

Option Profit Boxesâ

Our Option Profit Boxes are option selections, identified and generated by the computer.  They provide a detailed 3 week game plan where you exit at least part of your position if the profit goal is reached.( You may want to let part of your position ride with a trailing stop.) Exit your whole position if the stock closes beyond the stop-loss point or after holding the position for three weeks.

To select the best Option Profit Box strategies that are listed, checkout the Rating and the Expected Value. The higher the Rating and Expected Value the better the play.

We advise all readers that  it should not be assumed that present or future recommendations will be profitable or equal the performance of previous recommendations.  Subscribers should recognize that risk is involved in any option or security investment and they should not assume that any formula, method, chrart, theory or philosophy will result in profitable results or equal past performances.   This publication should only be used by sophisticated investors who are fully aware of the risks of options trading.

Our Option Profit Boxes are created by our software- The Push-Button Option Trader,  which you can purchase for $195.

 





** OPENING ACTION **   (for: SMITH INTL (SII) Upside Strategy)
1. Buy SMITH INTL (SII)Apr 42.5-CALL Options at  2.35  (or in entry zone)
2. After entry, place a 'Good Til Canceled' order to sell the options at 4.5.

STOCK  (OPTION)                                Implied Volatility: 35.6%
PRICE   PRICE                                  Delta: .466
 45.0    4.5 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
 44.0    3.9 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
 43.1    3.3 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
 42.1    2.8 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |  Entry    |   |   |   |   |   |   |   |   |   |   |   |
 41.2    2.4 --|           +---+---+---+---+---+---+---+---+---+---+---|
               |  Zone     |   |   |   |   |   |   |   |   |   |   |   |
 40.3    1.9 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
 39.3    1.6 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               1   2   3   4   5   6   7   8   9  10  11  12  13  14  15
                      Trading Days After Recommendation

            Prob of Upside Exit: 20%       Expected Value: $6.0
          Prob of Downside Exit: 45%       Rating: 92







** OPENING ACTION **   (for: AMAZON.COM(AMZN) Downside Strategy)
1. Buy AMAZON.COM(AMZN)Apr 40-PUT Options at  1.7  (or in entry zone)
2. After entry, place a 'Good Til Canceled' order to sell the options at 3.4.

STOCK  (OPTION)                                Implied Volatility: 39.6%
PRICE   PRICE                                  Delta: .285
 46.1    1.2 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
 45.0    1.4 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |  Entry    |   |   |   |   |   |   |   |   |   |   |   |
 43.9    1.7 --|           +---+---+---+---+---+---+---+---+---+---+---|
               |  Zone     |   |   |   |   |   |   |   |   |   |   |   |
 42.8    2.0 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
 41.7    2.4 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
 40.6    2.9 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
 40.0    3.4 --+---+---+---+---+---+---+---+---+---+---+---+---+---+---|
               1   2   3   4   5   6   7   8   9  10  11  12  13  14  15
                      Trading Days After Recommendation

            Prob of Upside Exit: 52%       Expected Value: $6.3
          Prob of Downside Exit: 19%       Rating: 93


** CLOSING ACTION **
After you enter an Option Profit Box®, one of three possibilities can occur.
The daily plot of the underlying common stock can exit the Box at the TOP,
RIGHT SIDE, or BOTTOM. Your action and the end result of the trade is
detailed here:

  4. TOP EXIT (for Upside, or BOTTOM EXIT for Downside) - This is the intended
     closing action and will trigger the GTC order you placed in #2 above.
  5. RIGHT SIDE Exit - The time has expired in the trade. SELL the options.
     Be sure to cancel the GTC order entered in #2 above.
  6. BOTTOM EXIT (for Upside, or TOP EXIT for Downside) - This requires stop-
     loss action on your part. SELL the options at the market price the
     following trading day. Be sure to cancel the GTC order you entered
     in #2 above. 

OPTION STOCK SURVEILLANCE: 1
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                                AEROSPACE/DEFENSE                                                   
   -4 D/C/C BA   BOEING                  66.5    -6            69  15   97 3/*SELL WATCH*                
   -1 C/C/C GD   GENERAL DYNAM          115.1     2    115    118   9  100 2/TRENDING DOWN               
    1 C/C/C LMT  LOCKHEED MARTIN         64.9     4     63     67  11  103 2/QUIET                       
    1 C/C/C NOC  NORTHROP                60.3     4     59     62  12  103 2/QUIET                       
   -3 C/C/C UTX  UNITED TECHNOLOGIE      55.0    -4            55  12   99 3/*SELL WATCH*                

                       --            AIRLINES                              
  -11 F/F/A AMR  AMERICAN AIRLINES       18.8   -14            20  53   96 3/*SELL WATCH*                
   -6 F/C/F DAL  DELTA AIRLINES           0.6     0             1  99   86 3/AMONG WEAKEST               
  -29 F/F/F JBL  JET BLUE(JBLU)          13.2   -39            18  81   72 3/AMONG WEAKEST               
   -3 D/C/C LUV  S W AIRLINES            16.2    -3            17  20   97 3/*SELL WATCH*                

-------------------------            ALUMINUM                              
   -1 C/D/C AA   ALCOA                   28.8     1     29     31  25  101 2/QUIET                       

                       --           AUTOMOBILE                             
   -1 C/C/B DCX  DAIMLER/CHRYSLER        51.4     1     52     56  22  100 2/QUIET                       
   -4 D/C/F F    FORD MOTOR               7.9    -4             8  28   94 3/*SELL WATCH*                
   -2 C/A/F GM   GENERAL MOTORS          20.1    -5     19     22  39   92 4/LABORING                    

OPTION STOCK SURVEILLANCE: 2
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                    -----             BANKS                                
   -5 D/C/C BAC  BANKAMERICA             44.2    -5            46  10   96 3/GUARDED                     
   -6 F/C/C C    CITIGROUP               45.7    -8            49  12   94 3/*SELL WATCH*                
   -4 D/C/C JPM  MORGAN J P              38.1    -4            39  11   97 3/*SELL WATCH*                

             ------------           BEVERAGE                               
   -5 F/C/D BUD  ANHEUSER BUSCH          41.3    -7            44  16   95 3/GUARDED                     
   -4 D/C/D KO   COCA COLA               40.1    -4            42  10   96 3/RECONFRMD *SELL*            
   -3 D/C/C PEP  PEPSI                   57.3    -4            59   7   97 3/GUARDED                     

                ---------           BROKERAGE                              
    1 C/C/B BSC  BEAR STERNS            119.6     4    115    121  15  104 2/QUIET                       
   -2 C/C/A SCH  CHARLES SCHWAB          14.7     0     15     15  27   97 4/LABORING                    
   -1 C/C/C AGE  EDWARDS                 45.8     2     46     48  20  100 2/QUIET                       
    1 C/C/B MER  MERRILL LYNCH           70.8     4     69         13  103 1/QUIET                       

                        -        BUILDING MATERIALS                        
   -3 C/C/F PPG  P P G INDUSTRIES        57.0    -1            59  15   96 3/RECONFRMD *SELL*            

                   ------      BROADCASTERS & MEDIA                        
   12 A/A/C VIA  VIACOM                  42.4    26     37         44  116 1/A POWERHOUSE                
   -4 D/C/F TRB  TRIBUNE CO              30.1    -3            32  24   95 3/RECONFRMD *SELL*            

OPTION STOCK SURVEILLANCE: 3
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                                 CHEMICALS - GENERAL                       ++++++++                 
   -1 C/C/C APD  AIR PRODUCTS            59.6     1            60  15   99 3/DRIFTING                    
   -7 F/F/D TYC  TYCO INTL               26.5    -8            29  27   93 3/A PROBLEM STOCK             
   -5 F/C/D DOW  DOW CHEMICAL            41.9    -4            45  20   94 3/A PROBLEM STOCK             
   -6 F/C/F DD   DUPONT                  39.5    -7            42  21   93 3/A PROBLEM STOCK             
    5 A/C/D GRA  GRACE                   10.2     7     10     12  62  107 2/BACKNG AND FLLNG            
   -4 D/C/F HPC  HERCULES                11.1    -4            12  23   95 3/GUARDED                     

                   ------      CHEMICALS - FERTILIZER                      
    4 A/C/B WMB  WILLIAMS CO             25.0     6     23     26  33  108 2/BACKNG AND FLLNG            

                                 COMMODITIES                               ++                       
    0 C/C/C CL   CRUDE OIL               56.1     0     57     56  18   99 4/IMPROVING                   
   -3 C/C/F HO   HEATING OIL              1.6     0             2  33   89 3/A PROBLEM STOCK             
   -2 C/C/C LC   CATTLE                  92.5    -4            93  13  100 3/GUARDED                     
   -1 C/C/D CT   COTTON                  49.6     0     49     50  22  100 4/IMPROVING                   
   -2 C/C/F KC   COFFEE                  98.1     0     91     98  33  101 4/IMPROVING                   
    1 C/C/A HG   COPPER                 219.4     2    212    224  22  103 2/QUIET                       
   -1 C/C/C LH   LIVE HOGS               63.0     0            63  15  100 3/*SELL WATCH*                
   -1 C/C/B JO   ORANGE JUICE           122.8     0           123  21  100 3/*SELL WATCH*                
    2 C/C/C GC   GOLD                   514.2     3    504    528  17  102 2/QUIET                       
    0 C/D/D SM   SOYBEAN MEAL           192.5     0    185    194  23  104 2/QUIET                       
    3 C/C/C SI   SILVER                 886.5     4    855    901  21  104 2/QUIET                       
    0 C/C/D CC   COCOA                 1465.0     0   1441   1474  26  102 2/QUIET                       

OPTION STOCK SURVEILLANCE: 4
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                        -        COMMODITIES I                             

                       --    COMPUTERS - LARGE                             
   -2 C/C/C ORC  ORACLE CORP(ORCL)       12.3     0     13     14  22   97 2/TRENDING DOWN               
   -3 C/C/C EMC  EMC CORP                13.2    -3            14  16   95 3/GUARDED                     
   -5 D/D/C HON  HONEYWELL               35.8    -6            37  23   97 3/*SELL WATCH*                
   -3 D/C/C IBM  I B M                   81.4    -2            86  15   95 3/GUARDED                     
    7 A/B/D NCR  N C R                   37.4    10     34     38  26  110 2/BACKNG AND FLLNG            

                       --  COMPUTERS - SMALL & OFFICE EQUIP                
   10 A/B/C COM  3COM (COMS)              4.5    26      4         35  113 1/A POWERHOUSE                
    3 C/C/D CSC  CISCO SYS(CSCO)         18.5     6     18     20  21  103 2/QUIET                       
    9 A/B/A BRC  BROADCOM (BRCM)         56.4    21     50         32  113 1/A POWERHOUSE                
   -3 C/C/F DEL  DELL COMP(DELL)         30.0    -6            31  19   97 3/GUARDED                     
   -8 F/C/D LU   LUCENT TECH              2.6   -11             3  26   90 3/AMONG WEAKEST               
    3 C/C/C SUN  SUN MICRO(SUNW)          4.5     5      4      6  27  102 2/BACKNG AND FLLNG            
   -4 D/C/C MMM  M M M                   75.2    -4            78  14   96 3/*SELL WATCH*                
    3 C/D/C PAL  PALM(PALM)              33.2    12     30     36  51  110 2/STRNG BUT TOPNG             
    2 C/C/D PBI  PITNEY BOWES            43.7     6     43     45  12  103 2/QUIET                       
    3 C/C/A AAP  APPLE COMP(AAPL)        76.1     7     73     87  37  105 2/BACKNG AND FLLNG            
   -2 C/D/C NOK  NOKIA CORP              18.1    -3            18  19   99 3/*SELL WATCH*                
    0 C/C/C CA   COMPUTER ASSO INTL      29.0     3     29         16  100 1/QUIET                       
   -3 C/C/C MSF  MICROSOFT (MSFT)        26.4    -2            27  15   96 3/RECONFRMD *SELL*            
   -3 C/C/C XRX  XEROX                   14.3    -2            15  15   98 3/*SELL WATCH*                

OPTION STOCK SURVEILLANCE: 5
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                                CONSTRUCTION - PLANT                                                
   -2 C/C/C PCA  PACCAR (PCAR)           69.9     0            72  18   97 3/GUARDED                     
    4 C/C/A FLR  FLUOR                   82.0     9     76     83  28  108 2/BACKNG AND FLLNG            
    1 C/C/C RGS  REGIS                   40.0     5     40         22  101 1/*BUY WATCH*                 
    9 A/C/A MDR  MCDERMOTT               49.3    23     44     51  58  113 2/STRNG BUT TOPNG             

                                       COAL                                +++++                    
   -1 C/C/C HYC  HYPERCOM                 6.6     4      7      7  32   99 4/LABORING                    

                       --      CONGLOMERATES/MULTILINE                     
   -2 C/C/F CD   CENDANT                 16.5     0     17     18  32   94 4/LABORING                    
    1 C/C/C OLN  OLIN CORP               20.0     5     20     21  22  102 2/QUIET                       
   10 A/A/A GLW  CORNING GLASS           23.9    19     22         36  111 1/A POWERHOUSE                
   -3 C/C/F CAG  CONAGRA                 20.7     1     21     21  23   97 4/LABORING                    
    2 C/C/C HSC  HARSCO                  70.6     6     68     72  22  104 2/QUIET                       
   -3 D/C/D FLE  FLEXTRONICS(FLEX)       10.6    -3            11  43   98 3/*SELL WATCH*                
   -2 C/C/C TGT  TARGET                  53.6     2     53     55  20   98 4/LABORING                    

                                 CURRENCIES                                                         
    0 C/C/F BP   BRITISH POUND            1.8     0             2  18   95 3/DRIFTING                    

OPTION STOCK SURVEILLANCE: 6
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                     ----               DRUGS                              
   -1 C/C/B CVH  COVENTRY HEALTH         56.6     2     58     61  30   98 2/TRENDING DOWN               
    2 C/F/A ELN  ELAN CORP               13.7     4     13     17  51  108 2/STRNG BUT TOPNG             
   11 A/C/D IMM  IMMUNOMED(IMMU)          3.0    21      3      4  57  115 2/STRNG BUT TOPNG             
   -3 C/D/F BMY  BRISTOL MEYERS          22.3    -1            22  18  100 3/*SELL WATCH*                
    0 C/D/D LLY  LILLY ELI               56.9    -2     55     59  19  104 2/QUIET                       
    1 C/D/D MRK  MERCK                   33.3     4     32     35  29  106 2/BACKNG AND FLLNG            
   -1 C/C/C NVO  NOVO IND                55.4    -1     55     58  19  100 2/TRENDING DOWN               
    0 C/D/F PFE  PFIZER                  24.7     2     23     26  38  107 2/BACKNG AND FLLNG            
   -4 D/D/C SGP  SCHERING PLGH           19.9    -4            20  22   99 3/*SELL WATCH*                
    0 C/C/C IMC  IMCLONE SYS(IMCL)       34.9     5     34     37  29  104 2/QUIET                       
   -1 C/D/B BII  BIOGEN (BIIB)           44.9     2     45     48  25  100 2/QUIET                       
   -1 C/C/B CHI  CHIRON (CHIR)           44.7    -1     45     46  32  100 2/TRENDING DOWN               

                                  ELECTRICAL - MAJOR                                                
    1 C/C/C EMR  EMERSON ELECTRIC        77.6     3     76     80  16  102 2/QUIET                       
   -6 F/C/D GE   GENERAL ELEC            33.4    -7            35   9   94 3/GUARDED                     
   -1 C/C/C HIT  HITACHI                 69.4     3     69     76  18  100 2/QUIET                       

OPTION STOCK SURVEILLANCE: 7
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                     ----          ELECTRONICS                             
   -6 F/D/B JCI  JOHNSON CONTROLS        67.9    -7            72  14   95 3/*SELL WATCH*                
    2 C/C/A HRS  HARRIS CORP             45.5     9     45     48  28  102 2/BACKNG AND FLLNG            
    2 C/C/A SLA  SILICON LABS            39.9     9     39     42  42  103 2/BACKNG AND FLLNG            
    0 C/C/C MDT  MEDTRONIC               58.8     1     57         16  102 1/QUIET                       

                        -     ELECTRONICS - INSTRUMENTS                    
    5 A/B/A HPQ  HEWLETT PACKRD          31.7    10     30         23  106 1/EXCELLENT BUYING            
   -1 C/C/B PKI  PERKIN ELMER            23.0    -2            23  21   99 3/*SELL WATCH*                
    2 C/D/B TEK  TEKTRONICS              29.9     3     28     31  26  108 2/BACKNG AND FLLNG            

                           ELECTRONICS - TELECOMMUNICATION                 +++                      
   -1 C/C/B EDS  ELECT DATA SYS          24.3     4     24     26  17  100 2/QUIET                       
    1 C/C/D DIS  ECHOSTAR(DISH)          27.9     4     27     30  23  103 2/QUIET                       
   -3 D/C/D JNP  JUNIPER NET(JNPR)       21.6    -2     22     23  24   95 4/LABORING                    
    9 A/A/B JDS  JDS UNIPHASE(JDSU)       2.9    17      3      4  53  107 2/STRNG BUT TOPNG             
   -6 F/D/C NT   NORTHERN TELECOM         3.0    -7             3  29   91 3/*SELL WATCH*                
    5 A/C/C SNE  SONY                    42.3    14     39     46  26  109 2/STRNG BUT TOPNG             

OPTION STOCK SURVEILLANCE: 8
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                                FINANCIAL - NON BANK                       +                        
   -2 C/C/C AXP  AMERICAN EXPRESS        51.4     1     52     54  30   99 2/QUIET                       
    4 A/C/C ACF  AMERICREDIT             27.3     8     26     28  22  106 2/BACKNG AND FLLNG            
   -2 C/C/C CIN  CINCINNATI FIN(CINF)    44.5    -2            45  10   99 3/*SELL WATCH*                
    5 A/B/D FNM  FEDERAL NAT MTGE        53.2    13     50         28  107 1/EXCELLENT BUYING            
    0 C/C/C HRB  BLOCK H R               25.0     4     25         21  100 1/QUIET                       
    2 C/C/C TY   TRI CONTINENTAL COR     19.6     6     19         10  103 1/EMERGING                    

                                  FOOD - PROCESSORS                        +                        
    6 A/C/B ADM  ARCHER DANIELS          27.5    12     25         20  108 1/EXCELLENT BUYING            
  -10 F/C/F CQB  CHIQUITA BRANDS         18.2   -10            21  44   87 3/AMONG WEAKEST               
    1 C/C/C IAR  INTEGRA                 37.0     4     36         23  103 1/REESTABL*BUY*               
   -3 C/C/D HNZ  HEINZ                   33.6    -3            35   9   97 3/RECONFRMD *SELL*            
   -3 D/C/C K    KELLOGG                 43.3    -3            45  12   97 3/GUARDED                     
   -3 C/C/F SLE  SARA LEE                18.5    -2            19  12   99 3/*SELL WATCH*                

                     ----       FOOD - RESTAURANTS                         
    3 C/C/C MCD  MCDONALDS               35.9     6     35         21  104 1/REESTABL*BUY*               
   -8 F/F/F KKD  KRISPY KREME             5.1   -16             6  64   89 3/*SELL WATCH*                
   -2 C/C/C SBU  STARBUCKS(SBUX)         30.3    -2            31  22   97 3/*SELL WATCH*                
    2 C/C/B WEN  WENDYS                  56.9     4     53     58  24  107 2/BACKNG AND FLLNG            

OPTION STOCK SURVEILLANCE: 9
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                       --    FOREST PRODUCTS & PAPER                       
   -1 C/D/A GP   GEORGIA PAC             48.0     1     47     49  54  103 2/QUIET                       
   -3 C/D/D IP   INTL PAPER              32.3    -4            33  23   98 3/*SELL WATCH*                
   -2 C/D/C LPX  LOUSIANA PAC            26.9     1            27  25   99 3/*SELL WATCH*                
   -1 C/C/C WY   WEYERHAUSER             66.7     0     66     69  18  101 2/QUIET                       

                      ---          HOTEL/GAMING                            
    1 C/C/C HET  HARRAHS ENT             71.4     6     69     73  25  103 2/QUIET                       
    5 A/C/C HLT  HILTON HOTELS           24.7    11     23     26  34  107 2/BACKNG AND FLLNG            
   -5 F/C/D SHF  SHUFFLE M(SHFL)         24.8    -6     25     26  45   94 4/LABORING                    

                                HOSPITAL MANAGEMENT                                                 
   -3 C/C/D BME  BIOMET (BMET)           35.8    -3            37  23   97 3/GUARDED                     
    0 C/C/D BEV  BEVERLY ENTERPRISES     12.1     3     12     13  11  101 2/QUIET                       
    6 A/D/A HUM  HUMANA                  55.2    19     50     58  35  110 2/STRNG BUT TOPNG             

                                 HOSPITAL SUPPLY                           +                        
   -2 C/C/F ABT  ABBOTT LABS             40.4     0     39     41  18  100 4/IMPROVING                   
   -3 D/C/D BCR  BARD C R                64.0    -5            66  14   97 3/*SELL WATCH*                
    0 C/C/C BAX  BAXTER TRAVENOL         38.7     3     38     39  15  100 4/IMPROVING                   
   -3 C/D/C BDX  BECTON DICKENSON        59.0    -1            60  23   99 3/*SELL WATCH*                
   -2 C/C/D JNJ  JOHNSON JOHNSON         60.8    -1            62  15   99 3/*SELL WATCH*                

OPTION STOCK SURVEILLANCE: 10
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                     ----    HOUSING/MOBILE HOMES                          
   -2 C/D/B FLE  FLEETWOOD ENTR          11.6    -4            12  41   99 3/*SELL WATCH*                
    4 C/B/C SKY  SKYLINE                 40.2    13     39         32  104 1/QUIET                       

                                  INSURANCE                                +                        
   -4 D/D/B AET  AETNA LIFE              89.5    -5            94  27   96 3/GUARDED                     
   -3 D/C/B AZN  ASTRAZENECA             47.0    -6            48  23   98 3/*SELL WATCH*                
   -2 C/C/B AIG  AMERICAN INTL GP        66.7     2     68     71  11   98 2/QUIET                       
   -1 C/C/B CI   CIGNA                  112.0     3    113    118  16   99 2/TRENDING DOWN               

                    -----        INTERNET                                  
   -4 D/C/C TWX  TIME WARNER             17.1    -5            18  14   96 3/GUARDED                     
    4 A/C/C ATM  ATMEL CORP(ATML)         3.6    13      3      5  41  106 2/BACKNG AND FLLNG            
   -3 C/C/C ARB  ARIBA(ARBA)              7.8    -2             8  36   94 3/GUARDED                     
    9 A/B/A BRC  BROADCOM (BRCM)         56.4    21     50         32  113 1/A POWERHOUSE                
   -2 C/C/B EBA  EBAY(EBAY)              45.0     1     45     48  26  100 2/QUIET                       
    3 C/C/A FDR  FOUNDRY NET(FDRY)       14.5     6     14     16  35  104 2/QUIET                       
   -7 F/F/A AMZ  AMAZON.COM(AMZN)        43.9   -10            47  40   93 3/A PROBLEM STOCK             
   -7 F/D/B HHH  INTERNET TRUST          63.4    -7            68  18   94 3/*SELL WATCH*                
    2 C/C/B QCO  QUALCOM(QCOM)           47.0     8     46         32  102 1/EMERGING                    
  -14 F/F/C YHO  YAHOO CORP (YHOO)       33.7   -19            40  26   84 3/*SELL WATCH*                

OPTION STOCK SURVEILLANCE: 11
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                     ----       LEISURE TIME                               
   -3 D/C/C BDK  BLACK DECKER            84.2    -2            87  16   97 3/*SELL WATCH*                
   -1 C/C/D BC   BRUNSWICK               40.1     1     41     43  29   99 2/TRENDING DOWN               
    2 C/C/D DIS  DISNEY                  25.7     5     25         18  102 1/QUIET                       
    2 C/B/D EK   EASTMAN KODAK           24.3     3     24     26  27  102 2/QUIET                       
   -6 F/C/F MAT  MATTEL                  14.8   -10            16  29   93 3/A PROBLEM STOCK             

                      ---       MACHINERY - FARM                           
   -1 C/C/C DE   DEERE                   68.9    -1     68     72  22  101 2/QUIET                       

                       --        THE MARKETS                               
   -1 C/C/C $SP  S&P 500 INDEX         1261.5     1   1263   1289   8  100 2/QUIET                       
   -2 C/C/C $IN  DOW INDUST           10667.4    -2         10831   8   98 3/*SELL WATCH*                
    1 C/C/C $MI  S&P MIDCAP 400         758.6     4    744    768  11  102 2/QUIET                       
   -1 C/C/C $ND  NASDAQ 100 INDEX      1676.4     1   1693   1748  12   99 2/QUIET                       
   -1 C/C/C QQQ  NASDAQ 100(QQQQ)        41.3     1     42     44  12   99 2/QUIET                       
   -2 C/C/C $OE  S & P 100 INDEX        571.5    -1           578   8   99 3/*SELL WATCH*                

                       --      MACHINERY - INDUSTRIAL                      
    2 C/C/B CAT  CATEPILLAR              60.8     8     59     63  30  104 2/BACKNG AND FLLNG            

OPTION STOCK SURVEILLANCE: 12
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                                   MINING - GOLD                           +++                      
   10 A/C/A ASA  A S A                   62.8    19     55         35  114 1/A POWERHOUSE                
    5 A/C/B ABX  AM BARRICK RES          30.0    12     28         32  107 1/EXCELLENT BUYING            

                                 MINING - GENERAL                          +++++                    
    4 C/C/A AMX  AMAX                    32.1     8     30     34  37  106 2/BACKNG AND FLLNG            
   -1 C/C/C ZBR  ZEBRA TECH(ZBRA)        44.2     3     45     47  23   99 2/QUIET                       
   15 A/A/C EC   ENGELHARD CORP          39.6    33     33         37  121 1/A POWERHOUSE                
   -7 F/C/F BSX  BOSTON SCIENTIFIC       23.6    -8            26  21   91 3/A PROBLEM STOCK             
    6 A/C/A NEM  NEWMONT MINING          56.6    13     51     61  29  111 2/STRNG BUT TOPNG             
   -4 D/F/A PD   PHELPS DODGE           136.5    -3           140  33   98 3/*SELL WATCH*                

                                  NATURAL GAS                              +++                      
   11 A/B/A VLO  VALERO                  60.3    17     53         47  114 1/A POWERHOUSE                

                                   OIL - DOMESTIC                          +++++++++++++++++++++++++
    8 A/B/A AHC  AMERADA HESS           145.0    16    130         35  111 1/EXCELLENT BUYING            
    5 A/C/B APA  APACHE CORP             74.1     8     69         31  107 1/EMERGING                    
    6 A/C/F ASH  ASHLAND OIL             63.5    14     59     66  23  108 2/BACKNG AND FLLNG            
    9 A/B/B KMG  KERR MCGEE             103.2    13     92         29  113 1/EXCELLENT BUYING            
    1 C/C/C ADB  ADOBE SYS(ADBE)         38.4    -1     36     40  27  106 2/BACKNG AND FLLNG            
    8 A/B/C PPP  POGO PRODUCING          56.2    14     51         23  110 1/EXCELLENT BUYING            
    8 A/B/A SUN  SUN COMPANY             89.7    15     82         42  110 1/EXCELLENT BUYING            

OPTION STOCK SURVEILLANCE: 13
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                                 OIL - INTERNATIONAL                       +++++++++++++            
    7 A/C/C DYN  DYNEGY                   5.6    20      5         31  112 1/A POWERHOUSE                
  -73 F/A/F CPN  CALPINE                  0.2     0             1  99   25 3/AMONG WEAKEST               
    2 C/B/C XOM  EXXON                   60.5     5     59         21  103 1/QUIET                       
    7 A/B/B OXY  OCCIDENTAL PET          91.0    12     83         33  110 1/EXCELLENT BUYING            
   -1 C/C/C RD   ROYAL DUTCH             61.1     0            61  10  100 3/DRIFTING                    

-------------------------          OIL SERVICE                             
   13 A/A/A HAL  HALIBURTON              75.5    21     65         41  116 1/A POWERHOUSE                
   12 A/A/A RDC  ROWAN COS               43.2    21     38         39  115 1/A POWERHOUSE                
   15 A/A/A SLB  SCHLUMBERGER           122.3    25    102         33  120 1/A POWERHOUSE                

                                PERSONAL CARE/SOAP                         +++++++++++++++++++++++++
    0 C/C/F AVP  AVON PRODUCTS           28.7    -2     28     30  38  102 2/QUIET                       
   -5 F/B/C BOL  BAUSCH LOMB             71.2   -11     70     78  28   92 4/WEAK BUT LVLING             
    0 C/C/D CLX  CLOROX                  58.0     1     56     60  14  103 2/QUIET                       
   -3 D/C/C CL   COLGATE                 53.7    -4            55   9   98 3/*SELL WATCH*                
  -17 F/F/F PPC  PILGRIMS PRIDE          25.4   -27            31  51   82 3/AMONG WEAKEST               
    0 C/C/D IFF  INTL FLAVORS            33.8     3     34     35  11  101 2/QUIET                       
   -2 C/C/C PG   PROCTOR GAMBLE          57.8    -2            58  19  100 3/*SELL WATCH*                

OPTION STOCK SURVEILLANCE: 14
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                ---------          RAILROADS                               
    2 C/C/A BNI  BURLINGTON NORTH        70.4     6     68         26  104 1/REESTABL*BUY*               
    2 C/C/B CSX  C S X                   51.6     6     50         22  104 1/QUIET                       
    0 C/C/A NSC  NORFOLK SOUTHERN        44.3     4     44         27  102 1/*BUY WATCH*                 
    4 A/C/C UNP  UNION PACIFIC           83.8     9     78         21  108 1/REESTABL*BUY*               

                                   RETAILERS                               +++                      
   -7 F/F/A AMZ  AMAZON.COM(AMZN)        43.9   -10            47  40   93 3/A PROBLEM STOCK             
    6 A/A/A BBY  BEST BUY                48.8    12     48         42  103 1/*BUY WATCH*                 
   -1 C/C/C COS  COSTCO (COST)           49.7     3     50     52  14  100 2/QUIET                       
   -4 D/C/C HD   HOME DEPOT              40.2    -4            42  16   97 3/*SELL WATCH*                
    2 C/C/A JWN  NORDSTROM               39.4     7     38         32  103 1/EMERGING                    
    0 C/C/C JCP  PENNY J C               54.8     4     55     58  28  100 2/QUIET                       
   -6 F/C/C WMT  WAL-MART STORES         45.0    -9            48  18   94 3/A PROBLEM STOCK             

                      ---        SAVING & LOAN                             
    0 C/C/C WFS  WASH FED(WFSL)          24.3     3     24         13  100 1/QUIET                       
    0 C/C/C GDW  GOLDEN WEST FIN         68.6     3     67     73  17  102 2/QUIET                       

OPTION STOCK SURVEILLANCE: 15
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                                 SEMICONDUCTORS                                                     
    3 C/C/B AVT  AVNET                   25.2     8     24     27  24  104 2/BACKNG AND FLLNG            
    1 C/C/C AMA  APPLIED MAT(AMAT)       19.1     4     19     21  23  102 2/QUIET                       
   13 A/C/A AMD  A M D                   35.7    28     30         47  121 1/A POWERHOUSE                
  -13 F/D/C INT  INTEL (INTC)            21.8   -16            26  22   84 3/AMONG WEAKEST               
    2 C/C/A MSC  MICROSEMI               29.1     7     28     32  35  103 2/BACKNG AND FLLNG            
   49 A/A/B RMB  RAMBUS(RMBS)            34.0   107     20         90  167 1/A POWERHOUSE                
   -3 D/C/A MOT  MOTOROLA                22.5     1     24     25  30   95 2/TRENDING DOWN               
   10 A/B/A NVD  NVIDIA (NVDA)           43.8    21     38         29  114 1/A POWERHOUSE                
    2 C/B/C CY   CYPRESS SEMICONDUCT     15.6    10     16         51  101 1/QUIET                       
   10 A/A/C QLG  QLOGIC (QLGC)           38.0    19     34         27  113 1/A POWERHOUSE                
   -2 C/C/B TXN  TEXAS INSTRMNT          31.7    -1            33  34   97 3/*SELL WATCH*                

                                SERVICE COMPANIES                          +++++++++++++++++        
    1 C/C/D XLN  XILINX (XLNX)           27.4     5     27     30  48  102 2/BACKNG AND FLLNG            
   -2 C/C/C UPS  NITED PARCEL SERVICE    75.2     1     75     77  14   98 4/LABORING                    
   -1 C/C/C CSC  COMPUTER SCIENCE        50.6     4     52     56  35   98 2/QUIET                       
   -5 D/C/F SYY  SYSCO CORP              30.4    -7            32  19   95 3/A PROBLEM STOCK             
   -2 C/D/C FDX  FEDERAL EXPRSS         100.0     1     99    106  20  101 2/QUIET                       

OPTION STOCK SURVEILLANCE: 16
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                      ---        SOFTWARE                                  
   -3 C/C/C MSF  MICROSOFT (MSFT)        26.4    -2            27  15   96 3/RECONFRMD *SELL*            
    0 C/C/C CA   COMPUTER ASSO INTL      29.0     3     29         16  100 1/QUIET                       
   -1 C/C/C SEB  SIEBEL SYSTEMS(SEBL)    10.6     1            11  26   99 3/*SELL WATCH*                
    4 A/A/C NTA  NETWORK APPL(NTAP)      31.1     8     30         24  105 1/EMERGING                    
    3 C/C/B BMC  BMC SOFTWARE(BMC)       22.3    10     21         23  105 1/EXCELLENT BUYING            

                                     STEEL                                                          
    6 A/C/C X    U S STEEL               50.0    10     46     52  43  108 2/BACKNG AND FLLNG            

                                   TIRE & RUBBER                           +++++++++++++++          
    5 A/B/F CTB  COOPER TIRE             16.3    13     15         27  107 1/EXCELLENT BUYING            
    0 C/C/B GT   GOODYEAR TIRE           17.6     3     17     20  31  101 2/QUIET                       

                                 TEXTILE/APPAREL                           ++++                     
   -3 D/C/C NKE  NIKE                    84.2    -4            87  15   97 3/GUARDED                     

                   ------          TOBACCO                                 
    1 C/C/A LTR  LOEWS CORP              99.3     4     98         17  102 1/QUIET                       
   -2 C/C/C MO   PHILLIP MORRIS          74.8    -3     75     78  18  100 2/TRENDING DOWN               

OPTION STOCK SURVEILLANCE: 17
1/20/06                             ************ TECHNICAL DATA **************
  PWR GRADE SYM     SECURITY             CUR    PCT    SUP    RES  VL % 50 TECHNICAL CODE/
  IDX S/I/L BOL                         PRICE   CHG    PRT    TCE  TY  DAY  &TECHNICAL COMMENT

                       --     UTILITIES - COMMUNICATION                    
    2 C/C/B T    AMERICAN TEL TEL        24.7    -1     24     26  37  105 2/BACKNG AND FLLNG            
   -4 D/C/C BLS  BELL SOUTH              26.6    -5            28  13   96 3/GUARDED                     
    3 C/C/A Q    QWEST                    5.9     2      6      7  35  105 2/QUIET                       
   -2 C/C/D VZ   VERIZON                 30.9     2     32     33  20   98 2/TRENDING DOWN               

                        -       UTILITIES - ELECTRIC                       
   -1 C/C/C SO   SOUTHERN COMPANY        35.1    -1     35     36  12  100 2/TRENDING DOWN               
   -1 C/C/C D    DOMINION RES            78.6    -3     78     82  22  101 2/TRENDING DOWN               

================================================================

Disclaimer: The information contained herein has been obtained from sources believed to be reliable, but there is no guarantee it is accurate or complete and it should not be relied upon.

The output is based on mathematical calculations and should not be used as a sole means of making investment decisions.

POWER OPTION PLAYS

The options listed below are computer selected, based on the price action of the underlying stock. Avoid paying more than the option price listed, for that price is the fair, theorectical value for the option. If an option is not available at the expiration month listed, go to the next month. For example, if the recommended option is the IBM September 100 call, but a September option is not traded, select the October 100 call.

To get option quotes, we suggest going to www.cboe.com and clicking on Market Quotes or www.bigcharts.com and clicking on "option chain".

We suggest holding each option position a maximum of 3 weeks and our option analysis is based on that hold period. But if you can get a low priced option you may wish to hold it for a longer period.

----------

Buy BOEING (BA) Mar 65 Put options at 0.9 or lower (Stock Price = 66.5). After entry, take profits if the stock price hits 63.8 (option price = 2.1). Exit if the stock price closes above 67.8 (option price = 0.5).

Probability of hitting Profit Goal 10%: Probability of hitting Stop Loss 36%

Historical Volatility 15%: Delta .336: : Rating 89: Expected Val $-2.40

----------

Buy AMERICAN AIRLINES (AMR) Mar 17.5 Put options at 0.9 or lower (Stock Price = 18.8). After entry, take profits if the stock price hits 16.5 (option price = 1.9). Exit if the stock price closes above 19.9 (option price = 0.6).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 51%

Historical Volatility 53%: Delta .324: : Rating 112: Expected Val $7.70

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Buy JET BLUE(JBLU) (JBL) Mar 12.5 Put options at 1.3 or lower (Stock Price = 13.2). After entry, take profits if the stock price hits 11.1 (option price = 2.3). Exit if the stock price closes above 14.3 (option price = 1.0).

Probability of hitting Profit Goal 32%: Probability of hitting Stop Loss 58%

Historical Volatility 81%: Delta .371: : Rating 110: Expected Val $14.60

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Buy S W AIRLINES (LUV) Mar 15 Put options at 0.1 or lower (Stock Price = 16.2). After entry, take profits if the stock price hits 15.4 (option price = 0.3). Exit if the stock price closes above 16.6 (option price = 0.1).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 42%

Historical Volatility 20%: Delta .149: : Rating 185: Expected Val $2.80

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Buy FORD MOTOR (F) Mar 7.5 Put options at 0.2 or lower (Stock Price = 7.9). After entry, take profits if the stock price hits 7.3 (option price = 0.4). Exit if the stock price closes above 8.2 (option price = 0.1).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 50%

Historical Volatility 28%: Delta .311: : Rating 80: Expected Val $-0.80

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Buy CITIGROUP (C) Mar 45 Put options at 0.5 or lower (Stock Price = 45.7). After entry, take profits if the stock price hits 44.4 (option price = 1.1). Exit if the stock price closes above 46.3 (option price = 0.3).

Probability of hitting Profit Goal 11%: Probability of hitting Stop Loss 43%

Historical Volatility 12%: Delta .354: : Rating 84: Expected Val $-2.00

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Buy ANHEUSER BUSCH (BUD) Mar 40 Put options at 0.5 or lower (Stock Price = 41.3). After entry, take profits if the stock price hits 39.6 (option price = 1.2). Exit if the stock price closes above 42.1 (option price = 0.3).

Probability of hitting Profit Goal 12%: Probability of hitting Stop Loss 43%

Historical Volatility 16%: Delta .294: : Rating 95: Expected Val $-0.20

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Buy COCA COLA (KO) Mar 40 Put options at 0.6 or lower (Stock Price = 40.1). After entry, take profits if the stock price hits 39.6 (option price = 0.8). Exit if the stock price closes above 40.3 (option price = 0.5).

Probability of hitting Profit Goal 39%: Probability of hitting Stop Loss 55%

Historical Volatility 10%: Delta .467: : Rating 107: Expected Val $2.30

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Buy P P G INDUSTRIES (PPG) Mar 55 Put options at 0.5 or lower (Stock Price = 57.0). After entry, take profits if the stock price hits 55.4 (option price = 1.0). Exit if the stock price closes above 57.8 (option price = 0.3).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 57%

Historical Volatility 15%: Delta .251: : Rating 93: Expected Val $0.10

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Buy TRIBUNE CO (TRB) Mar 30 Put options at 1.1 or lower (Stock Price = 30.1). After entry, take profits if the stock price hits 28.5 (option price = 2.0). Exit if the stock price closes above 30.9 (option price = 0.8).

Probability of hitting Profit Goal 22%: Probability of hitting Stop Loss 52%

Historical Volatility 24%: Delta .467: : Rating 101: Expected Val $4.20

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Buy AIR PRODUCTS (APD) Mar 55 Put options at 0.1 or lower (Stock Price = 59.6). After entry, take profits if the stock price hits 57.9 (option price = 0.3). Exit if the stock price closes above 60.4 (option price = 0.1).

Probability of hitting Profit Goal 24%: Probability of hitting Stop Loss 54%

Historical Volatility 15%: Delta .068: : Rating 245: Expected Val $4.80

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Buy TYCO INTL (TYC) Mar 25 Put options at 0.5 or lower (Stock Price = 26.5). After entry, take profits if the stock price hits 24.6 (option price = 1.3). Exit if the stock price closes above 27.5 (option price = 0.3).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 45%

Historical Volatility 27%: Delta .273: : Rating 119: Expected Val $3.80

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Buy DOW CHEMICAL (DOW) Mar 40 Put options at 0.5 or lower (Stock Price = 41.9). After entry, take profits if the stock price hits 40.2 (option price = 1.1). Exit if the stock price closes above 42.7 (option price = 0.3).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 50%

Historical Volatility 20%: Delta .254: : Rating 118: Expected Val $3.80

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Buy DUPONT (DD) Mar 35 Put options at 0.1 or lower (Stock Price = 39.5). After entry, take profits if the stock price hits 37.4 (option price = 0.4). Exit if the stock price closes above 40.5 (option price = 0.0).

Probability of hitting Profit Goal 17%: Probability of hitting Stop Loss 44%

Historical Volatility 21%: Delta .067: : Rating 130: Expected Val $0.70

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Buy HERCULES (HPC) Mar 10 Put options at 0.1 or lower (Stock Price = 11.1). After entry, take profits if the stock price hits 10.3 (option price = 0.3). Exit if the stock price closes above 11.5 (option price = 0.1).

Probability of hitting Profit Goal 17%: Probability of hitting Stop Loss 44%

Historical Volatility 23%: Delta .152: : Rating 202: Expected Val $3.40

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Buy CATTLE (LC) Mar 90 Put options at 0.9 or lower (Stock Price = 92.5). After entry, take profits if the stock price hits 89.9 (option price = 1.9). Exit if the stock price closes above 93.8 (option price = 0.6).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 51%

Historical Volatility 13%: Delta .289: : Rating 120: Expected Val $7.70

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Buy LIVE HOGS (LH) Mar 60 Put options at 0.4 or lower (Stock Price = 63.0). After entry, take profits if the stock price hits 60.5 (option price = 1.2). Exit if the stock price closes above 64.3 (option price = 0.2).

Probability of hitting Profit Goal 10%: Probability of hitting Stop Loss 38%

Historical Volatility 15%: Delta .192: : Rating 105: Expected Val $0.40

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Buy ORANGE JUICE (JO) Mar 120 Put options at 2.7 or lower (Stock Price = 122.8). After entry, take profits if the stock price hits 116.4 (option price = 5.9). Exit if the stock price closes above 126.0 (option price = 1.7).

Probability of hitting Profit Goal 15%: Probability of hitting Stop Loss 43%

Historical Volatility 21%: Delta .372: : Rating 92: Expected Val $5.00

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Buy EMC CORP (EMC) Mar 12.5 Put options at 0.1 or lower (Stock Price = 13.2). After entry, take profits if the stock price hits 12.7 (option price = 0.3). Exit if the stock price closes above 13.5 (option price = 0.1).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 43%

Historical Volatility 16%: Delta .197: : Rating 186: Expected Val $2.80

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Buy HONEYWELL (HON) Mar 35 Put options at 0.9 or lower (Stock Price = 35.8). After entry, take profits if the stock price hits 33.9 (option price = 1.8). Exit if the stock price closes above 36.7 (option price = 0.6).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 49%

Historical Volatility 23%: Delta .382: : Rating 106: Expected Val $4.20

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Buy I B M (IBM) Mar 80 Put options at 1.3 or lower (Stock Price = 81.4). After entry, take profits if the stock price hits 78.1 (option price = 2.9). Exit if the stock price closes above 83.0 (option price = 0.8).

Probability of hitting Profit Goal 11%: Probability of hitting Stop Loss 40%

Historical Volatility 15%: Delta .374: : Rating 88: Expected Val $-2.40

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Buy LUCENT TECH (LU) Mar 2.5 Put options at 0.1 or lower (Stock Price = 2.6). After entry, take profits if the stock price hits 2.4 (option price = 0.2). Exit if the stock price closes above 2.7 (option price = 0.1).

Probability of hitting Profit Goal 19%: Probability of hitting Stop Loss 49%

Historical Volatility 26%: Delta .365: : Rating 148: Expected Val $1.90

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Buy M M M (MMM) Mar 75 Put options at 1.5 or lower (Stock Price = 75.2). After entry, take profits if the stock price hits 73.1 (option price = 2.7). Exit if the stock price closes above 76.3 (option price = 1.1).

Probability of hitting Profit Goal 22%: Probability of hitting Stop Loss 55%

Historical Volatility 14%: Delta .469: : Rating 98: Expected Val $4.40

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Buy NOKIA CORP (NOK) Mar 17.5 Put options at 0.3 or lower (Stock Price = 18.1). After entry, take profits if the stock price hits 17.2 (option price = 0.7). Exit if the stock price closes above 18.6 (option price = 0.2).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 40%

Historical Volatility 19%: Delta .317: : Rating 114: Expected Val $1.60

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Buy MICROSOFT (MSFT) (MSF) Mar 25 Put options at 0.1 or lower (Stock Price = 26.4). After entry, take profits if the stock price hits 25.7 (option price = 0.3). Exit if the stock price closes above 26.8 (option price = 0.1).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 53%

Historical Volatility 15%: Delta .140: : Rating 227: Expected Val $4.20

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Buy PACCAR (PCAR) (PCA) Mar 65 Put options at 0.4 or lower (Stock Price = 69.9). After entry, take profits if the stock price hits 67.1 (option price = 1.0). Exit if the stock price closes above 71.3 (option price = 0.2).

Probability of hitting Profit Goal 22%: Probability of hitting Stop Loss 47%

Historical Volatility 18%: Delta .148: : Rating 126: Expected Val $3.80

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Buy FLEXTRONICS(FLEX) (FLE) Mar 10 Put options at 0.4 or lower (Stock Price = 10.6). After entry, take profits if the stock price hits 9.5 (option price = 0.9). Exit if the stock price closes above 11.1 (option price = 0.3).

Probability of hitting Profit Goal 20%: Probability of hitting Stop Loss 52%

Historical Volatility 43%: Delta .329: : Rating 126: Expected Val $4.80

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Buy JOHNSON CONTROLS (JCI) Mar 65 Put options at 0.4 or lower (Stock Price = 67.9). After entry, take profits if the stock price hits 66.0 (option price = 0.9). Exit if the stock price closes above 68.9 (option price = 0.2).

Probability of hitting Profit Goal 24%: Probability of hitting Stop Loss 52%

Historical Volatility 14%: Delta .195: : Rating 108: Expected Val $1.60

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Buy PERKIN ELMER (PKI) Mar 22.5 Put options at 0.5 or lower (Stock Price = 23.0). After entry, take profits if the stock price hits 21.8 (option price = 1.1). Exit if the stock price closes above 23.6 (option price = 0.3).

Probability of hitting Profit Goal 15%: Probability of hitting Stop Loss 43%

Historical Volatility 21%: Delta .375: : Rating 98: Expected Val $0.40

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Buy CHIQUITA BRANDS (CQB) Mar 17.5 Put options at 0.9 or lower (Stock Price = 18.2). After entry, take profits if the stock price hits 16.2 (option price = 1.9). Exit if the stock price closes above 19.2 (option price = 0.6).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 54%

Historical Volatility 44%: Delta .377: : Rating 91: Expected Val $1.80

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Buy KRISPY KREME (KKD) Mar 5 Put options at 0.5 or lower (Stock Price = 5.1). After entry, take profits if the stock price hits 4.3 (option price = 0.9). Exit if the stock price closes above 5.5 (option price = 0.4).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 57%

Historical Volatility 64%: Delta .417: : Rating 101: Expected Val $3.50

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Buy STARBUCKS(SBUX) (SBU) Mar 30 Put options at 0.9 or lower (Stock Price = 30.3). After entry, take profits if the stock price hits 28.7 (option price = 1.8). Exit if the stock price closes above 31.1 (option price = 0.6).

Probability of hitting Profit Goal 17%: Probability of hitting Stop Loss 47%

Historical Volatility 22%: Delta .437: : Rating 96: Expected Val $1.20

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Buy INTL PAPER (IP) Mar 30 Put options at 0.3 or lower (Stock Price = 32.3). After entry, take profits if the stock price hits 30.6 (option price = 0.8). Exit if the stock price closes above 33.1 (option price = 0.2).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 48%

Historical Volatility 23%: Delta .186: : Rating 139: Expected Val $4.20

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Buy LOUSIANA PAC (LPX) Mar 25 Put options at 0.3 or lower (Stock Price = 26.9). After entry, take profits if the stock price hits 25.5 (option price = 0.7). Exit if the stock price closes above 27.6 (option price = 0.2).

Probability of hitting Profit Goal 22%: Probability of hitting Stop Loss 51%

Historical Volatility 25%: Delta .203: : Rating 132: Expected Val $3.70

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Buy BIOMET (BMET) (BME) Mar 35 Put options at 0.9 or lower (Stock Price = 35.8). After entry, take profits if the stock price hits 33.9 (option price = 1.8). Exit if the stock price closes above 36.7 (option price = 0.6).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 49%

Historical Volatility 23%: Delta .382: : Rating 106: Expected Val $4.20

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Buy BARD C R (BCR) Mar 60 Put options at 0.2 or lower (Stock Price = 64.0). After entry, take profits if the stock price hits 62.2 (option price = 0.5). Exit if the stock price closes above 64.9 (option price = 0.1).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 55%

Historical Volatility 14%: Delta .114: : Rating 118: Expected Val $1.40

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Buy BECTON DICKENSON (BDX) Mar 55 Put options at 0.6 or lower (Stock Price = 59.0). After entry, take profits if the stock price hits 55.9 (option price = 1.5). Exit if the stock price closes above 60.5 (option price = 0.3).

Probability of hitting Profit Goal 20%: Probability of hitting Stop Loss 50%

Historical Volatility 23%: Delta .197: : Rating 110: Expected Val $3.00

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Buy JOHNSON JOHNSON (JNJ) Mar 60 Put options at 1.1 or lower (Stock Price = 60.8). After entry, take profits if the stock price hits 58.4 (option price = 2.4). Exit if the stock price closes above 62.0 (option price = 0.7).

Probability of hitting Profit Goal 13%: Probability of hitting Stop Loss 41%

Historical Volatility 15%: Delta .401: : Rating 96: Expected Val $0.50

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Buy FLEETWOOD ENTR (FLE) Mar 10 Put options at 0.2 or lower (Stock Price = 11.6). After entry, take profits if the stock price hits 10.3 (option price = 0.5). Exit if the stock price closes above 12.2 (option price = 0.1).

Probability of hitting Profit Goal 22%: Probability of hitting Stop Loss 52%

Historical Volatility 41%: Delta .173: : Rating 112: Expected Val $1.40

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Buy AETNA LIFE (AET) Mar 85 Put options at 1.9 or lower (Stock Price = 89.5). After entry, take profits if the stock price hits 83.1 (option price = 4.6). Exit if the stock price closes above 92.7 (option price = 1.1).

Probability of hitting Profit Goal 17%: Probability of hitting Stop Loss 45%

Historical Volatility 27%: Delta .295: : Rating 105: Expected Val $9.90

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Buy ASTRAZENECA (AZN) Mar 45 Put options at 0.8 or lower (Stock Price = 47.0). After entry, take profits if the stock price hits 44.6 (option price = 1.8). Exit if the stock price closes above 48.2 (option price = 0.5).

Probability of hitting Profit Goal 19%: Probability of hitting Stop Loss 51%

Historical Volatility 23%: Delta .293: : Rating 106: Expected Val $3.70

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Buy ARIBA(ARBA) (ARB) Mar 7.5 Put options at 0.3 or lower (Stock Price = 7.8). After entry, take profits if the stock price hits 7.1 (option price = 0.7). Exit if the stock price closes above 8.2 (option price = 0.2).

Probability of hitting Profit Goal 19%: Probability of hitting Stop Loss 49%

Historical Volatility 36%: Delta .365: : Rating 120: Expected Val $2.70

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Buy AMAZON.COM(AMZN) (AMZ) Mar 40 Put options at 1.1 or lower (Stock Price = 43.9). After entry, take profits if the stock price hits 39.5 (option price = 2.7). Exit if the stock price closes above 46.1 (option price = 0.7).

Probability of hitting Profit Goal 20%: Probability of hitting Stop Loss 50%

Historical Volatility 40%: Delta .250: : Rating 122: Expected Val $12.00

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Buy INTERNET TRUST (HHH) Mar 60 Put options at 0.5 or lower (Stock Price = 63.4). After entry, take profits if the stock price hits 60.9 (option price = 1.2). Exit if the stock price closes above 64.7 (option price = 0.3).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 48%

Historical Volatility 18%: Delta .200: : Rating 104: Expected Val $1.60

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Buy YAHOO CORP (YHOO) (YHO) Mar 30 Put options at 0.2 or lower (Stock Price = 33.7). After entry, take profits if the stock price hits 31.3 (option price = 0.7). Exit if the stock price closes above 34.9 (option price = 0.1).

Probability of hitting Profit Goal 12%: Probability of hitting Stop Loss 44%

Historical Volatility 26%: Delta .115: : Rating 126: Expected Val $1.60

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Buy BLACK DECKER (BDK) Mar 80 Put options at 0.6 or lower (Stock Price = 84.2). After entry, take profits if the stock price hits 80.8 (option price = 1.6). Exit if the stock price closes above 85.9 (option price = 0.3).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 43%

Historical Volatility 16%: Delta .196: : Rating 103: Expected Val $1.10

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Buy DOW INDUST ($IN) Mar 665 Put options at 7.2 or lower (Stock Price = 667.4). After entry, take profits if the stock price hits 659.4 (option price = 11.4). Exit if the stock price closes above 671.4 (option price = 5.5).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 43%

Historical Volatility 8%: Delta .448: : Rating 69: Expected Val $2.50

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Buy S & P 100 INDEX ($OE) Mar 570 Put options at 6.2 or lower (Stock Price = 571.5). After entry, take profits if the stock price hits 564.6 (option price = 9.9). Exit if the stock price closes above 574.9 (option price = 4.8).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 41%

Historical Volatility 8%: Delta .460: : Rating 76: Expected Val $9.20

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Buy BOSTON SCIENTIFIC (BSX) Mar 22.5 Put options at 0.3 or lower (Stock Price = 23.6). After entry, take profits if the stock price hits 22.4 (option price = 0.8). Exit if the stock price closes above 24.2 (option price = 0.2).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 40%

Historical Volatility 21%: Delta .258: : Rating 130: Expected Val $3.00

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Buy PHELPS DODGE (PD) Mar 135 Put options at 6.3 or lower (Stock Price = 136.5). After entry, take profits if the stock price hits 123.9 (option price = 13.6). Exit if the stock price closes above 142.8 (option price = 4.0).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 46%

Historical Volatility 33%: Delta .440: : Rating 67: Expected Val $-3.60

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Buy CALPINE (CPN) Mar 0.5 Put options at 0.3 or lower (Stock Price = 0.2). After entry, take profits if the stock price hits 0.2 (option price = 0.3). Exit if the stock price closes above 0.2 (option price = 0.3).

Probability of hitting Profit Goal 0%: Probability of hitting Stop Loss 100%

Historical Volatility 99%: Delta 1.000: : Rating 67: Expected Val $0.00

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Buy ROYAL DUTCH (RD) Mar 60 Put options at 0.5 or lower (Stock Price = 61.1). After entry, take profits if the stock price hits 60.4 (option price = 0.8). Exit if the stock price closes above 61.5 (option price = 0.4).

Probability of hitting Profit Goal 36%: Probability of hitting Stop Loss 55%

Historical Volatility 10%: Delta .314: : Rating 127: Expected Val $5.30

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Buy PILGRIMS PRIDE (PPC) Mar 25 Put options at 1.8 or lower (Stock Price = 25.4). After entry, take profits if the stock price hits 22.4 (option price = 3.5). Exit if the stock price closes above 26.9 (option price = 1.2).

Probability of hitting Profit Goal 20%: Probability of hitting Stop Loss 55%

Historical Volatility 51%: Delta .429: : Rating 81: Expected Val $1.00

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Buy PROCTOR GAMBLE (PG) Mar 55 Put options at 0.6 or lower (Stock Price = 57.8). After entry, take profits if the stock price hits 55.5 (option price = 1.4). Exit if the stock price closes above 59.0 (option price = 0.4).

Probability of hitting Profit Goal 22%: Probability of hitting Stop Loss 52%

Historical Volatility 19%: Delta .234: : Rating 131: Expected Val $7.20

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Buy AMAZON.COM(AMZN) (AMZ) Mar 40 Put options at 1.1 or lower (Stock Price = 43.9). After entry, take profits if the stock price hits 39.5 (option price = 2.7). Exit if the stock price closes above 46.1 (option price = 0.7).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 52%

Historical Volatility 40%: Delta .250: : Rating 109: Expected Val $8.00

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Buy HOME DEPOT (HD) Mar 40 Put options at 0.9 or lower (Stock Price = 40.2). After entry, take profits if the stock price hits 38.6 (option price = 1.8). Exit if the stock price closes above 41.0 (option price = 0.6).

Probability of hitting Profit Goal 10%: Probability of hitting Stop Loss 41%

Historical Volatility 16%: Delta .456: : Rating 82: Expected Val $-3.30

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Buy WAL-MART STORES (WMT) Mar 40 Put options at 0.1 or lower (Stock Price = 45.0). After entry, take profits if the stock price hits 42.7 (option price = 0.4). Exit if the stock price closes above 46.2 (option price = 0.0).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 42%

Historical Volatility 18%: Delta .061: : Rating 108: Expected Val $0.00

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Buy INTEL (INTC) (INT) Mar 20 Put options at 0.1 or lower (Stock Price = 21.8). After entry, take profits if the stock price hits 20.9 (option price = 0.3). Exit if the stock price closes above 22.2 (option price = 0.1).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 49%

Historical Volatility 22%: Delta .118: : Rating 240: Expected Val $4.60

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Buy TEXAS INSTRMNT (TXN) Mar 30 Put options at 0.9 or lower (Stock Price = 31.7). After entry, take profits if the stock price hits 28.8 (option price = 2.2). Exit if the stock price closes above 33.2 (option price = 0.5).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 45%

Historical Volatility 34%: Delta .314: : Rating 92: Expected Val $0.20

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Buy SYSCO CORP (SYY) Mar 30 Put options at 0.7 or lower (Stock Price = 30.4). After entry, take profits if the stock price hits 29.2 (option price = 1.3). Exit if the stock price closes above 31.0 (option price = 0.5).

Probability of hitting Profit Goal 24%: Probability of hitting Stop Loss 50%

Historical Volatility 19%: Delta .414: : Rating 112: Expected Val $4.40

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Buy MICROSOFT (MSFT) (MSF) Mar 25 Put options at 0.1 or lower (Stock Price = 26.4). After entry, take profits if the stock price hits 25.7 (option price = 0.3). Exit if the stock price closes above 26.8 (option price = 0.1).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 52%

Historical Volatility 15%: Delta .140: : Rating 240: Expected Val $4.60

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Buy SIEBEL SYSTEMS(SEB (SEB) Mar 10 Put options at 0.2 or lower (Stock Price = 10.6). After entry, take profits if the stock price hits 9.8 (option price = 0.5). Exit if the stock price closes above 11.0 (option price = 0.1).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 45%

Historical Volatility 26%: Delta .273: : Rating 101: Expected Val $0.30

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Buy NIKE (NKE) Mar 80 Put options at 0.5 or lower (Stock Price = 84.2). After entry, take profits if the stock price hits 80.8 (option price = 1.5). Exit if the stock price closes above 85.9 (option price = 0.3).

Probability of hitting Profit Goal 12%: Probability of hitting Stop Loss 40%

Historical Volatility 15%: Delta .181: : Rating 125: Expected Val $4.00

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Buy BELL SOUTH (BLS) Mar 25 Put options at 0.1 or lower (Stock Price = 26.6). After entry, take profits if the stock price hits 25.9 (option price = 0.2). Exit if the stock price closes above 27.0 (option price = 0.1).

Probability of hitting Profit Goal 25%: Probability of hitting Stop Loss 56%

Historical Volatility 13%: Delta .130: : Rating 168: Expected Val $2.50

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Buy MERRILL LYNCH (MER) Mar 75 Call options at 0.2 or lower (Stock Price = 70.8). After entry take profits if the stock price hits 72.8 (option price = 0.6). Exit if the stock price closes below 69.8 (option price = 0.1).

Probability of hitting Profit Goal 17%: Probability of hitting Stop Loss 44%

Historical Volatility 13%: Delta .119: : Rating 139: Expected Val $2.40

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Buy VIACOM (VIA) Mar 45 Call options at 1.9 or lower (Stock Price = 42.4). After entry take profits if the stock price hits 47.0 (option price = 4.3). Exit if the stock price closes below 40.1 (option price = 1.1).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 51%

Historical Volatility 44%: Delta .399: : Rating 108: Expected Val $14.40

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Buy 3COM (COMS) (COM) Mar 5 Call options at 0.1 or lower (Stock Price = 4.5). After entry take profits if the stock price hits 5.0 (option price = 0.3). Exit if the stock price closes below 4.3 (option price = 0.1).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 46%

Historical Volatility 35%: Delta .265: : Rating 226: Expected Val $4.20

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Buy BROADCOM (BRCM) (BRC) Mar 60 Call options at 1.5 or lower (Stock Price = 56.4). After entry take profits if the stock price hits 61.6 (option price = 4.0). Exit if the stock price closes below 53.8 (option price = 0.8).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 41%

Historical Volatility 32%: Delta .337: : Rating 116: Expected Val $11.30

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Buy COMPUTER ASSO INTL (CA) Mar 30 Call options at 0.3 or lower (Stock Price = 29.0). After entry take profits if the stock price hits 30.2 (option price = 0.8). Exit if the stock price closes below 28.4 (option price = 0.2).

Probability of hitting Profit Goal 14%: Probability of hitting Stop Loss 41%

Historical Volatility 16%: Delta .289: : Rating 130: Expected Val $2.90

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Buy REGIS (RGS) Mar 45 Call options at 0.1 or lower (Stock Price = 40.0). After entry take profits if the stock price hits 42.1 (option price = 0.4). Exit if the stock price closes below 39.0 (option price = 0.0).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 39%

Historical Volatility 22%: Delta .072: : Rating 156: Expected Val $1.50

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Buy CORNING GLASS (GLW) Mar 25 Call options at 0.9 or lower (Stock Price = 23.9). After entry take profits if the stock price hits 26.1 (option price = 2.1). Exit if the stock price closes below 22.8 (option price = 0.5).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 46%

Historical Volatility 36%: Delta .403: : Rating 115: Expected Val $6.80

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Buy MEDTRONIC (MDT) Mar 60 Call options at 1.0 or lower (Stock Price = 58.8). After entry take profits if the stock price hits 61.2 (option price = 2.2). Exit if the stock price closes below 57.6 (option price = 0.6).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 43%

Historical Volatility 16%: Delta .390: : Rating 101: Expected Val $2.00

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Buy HEWLETT PACKRD (HPQ) Mar 35 Call options at 0.2 or lower (Stock Price = 31.7). After entry take profits if the stock price hits 33.3 (option price = 0.6). Exit if the stock price closes below 30.9 (option price = 0.1).

Probability of hitting Profit Goal 22%: Probability of hitting Stop Loss 46%

Historical Volatility 23%: Delta .141: : Rating 165: Expected Val $4.20

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Buy FEDERAL NAT MTGE (FNM) Mar 55 Call options at 1.6 or lower (Stock Price = 53.2). After entry take profits if the stock price hits 57.0 (option price = 3.6). Exit if the stock price closes below 51.3 (option price = 0.9).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 43%

Historical Volatility 28%: Delta .403: : Rating 102: Expected Val $5.90

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Buy TRI CONTINENTAL CO (TY) Mar 20 Call options at 0.1 or lower (Stock Price = 19.6). After entry take profits if the stock price hits 19.8 (option price = 0.2). Exit if the stock price closes below 19.5 (option price = 0.1).

Probability of hitting Profit Goal 24%: Probability of hitting Stop Loss 35%

Historical Volatility 10%: Delta .265: : Rating 175: Expected Val $2.40

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Buy ARCHER DANIELS (ADM) Mar 30 Call options at 0.2 or lower (Stock Price = 27.5). After entry take profits if the stock price hits 28.9 (option price = 0.6). Exit if the stock price closes below 26.8 (option price = 0.1).

Probability of hitting Profit Goal 24%: Probability of hitting Stop Loss 40%

Historical Volatility 20%: Delta .164: : Rating 189: Expected Val $5.60

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Buy INTEGRA (IAR) Mar 40 Call options at 0.4 or lower (Stock Price = 37.0). After entry take profits if the stock price hits 38.9 (option price = 1.0). Exit if the stock price closes below 36.0 (option price = 0.2).

Probability of hitting Profit Goal 25%: Probability of hitting Stop Loss 47%

Historical Volatility 23%: Delta .213: : Rating 140: Expected Val $5.60

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Buy MCDONALDS (MCD) Mar 40 Call options at 0.1 or lower (Stock Price = 35.9). After entry take profits if the stock price hits 37.3 (option price = 0.3). Exit if the stock price closes below 35.2 (option price = 0.1).

Probability of hitting Profit Goal 26%: Probability of hitting Stop Loss 52%

Historical Volatility 21%: Delta .081: : Rating 258: Expected Val $5.20

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Buy SKYLINE (SKY) Mar 45 Call options at 0.5 or lower (Stock Price = 40.2). After entry take profits if the stock price hits 43.1 (option price = 1.3). Exit if the stock price closes below 38.8 (option price = 0.3).

Probability of hitting Profit Goal 26%: Probability of hitting Stop Loss 47%

Historical Volatility 32%: Delta .196: : Rating 165: Expected Val $11.40

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Buy BROADCOM (BRCM) (BRC) Mar 60 Call options at 1.5 or lower (Stock Price = 56.4). After entry take profits if the stock price hits 61.6 (option price = 4.0). Exit if the stock price closes below 53.8 (option price = 0.8).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 41%

Historical Volatility 32%: Delta .337: : Rating 116: Expected Val $11.30

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Buy QUALCOM(QCOM) (QCO) Mar 50 Call options at 1.2 or lower (Stock Price = 47.0). After entry take profits if the stock price hits 50.4 (option price = 2.7). Exit if the stock price closes below 45.3 (option price = 0.7).

Probability of hitting Profit Goal 25%: Probability of hitting Stop Loss 49%

Historical Volatility 32%: Delta .333: : Rating 124: Expected Val $13.00

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Buy A S A (ASA) Mar 65 Call options at 2.5 or lower (Stock Price = 62.8). After entry take profits if the stock price hits 68.6 (option price = 5.7). Exit if the stock price closes below 59.9 (option price = 1.5).

Probability of hitting Profit Goal 20%: Probability of hitting Stop Loss 43%

Historical Volatility 35%: Delta .428: : Rating 112: Expected Val $21.00

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Buy AM BARRICK RES (ABX) Mar 35 Call options at 0.2 or lower (Stock Price = 30.0). After entry take profits if the stock price hits 32.2 (option price = 0.6). Exit if the stock price closes below 28.9 (option price = 0.1).

Probability of hitting Profit Goal 26%: Probability of hitting Stop Loss 49%

Historical Volatility 32%: Delta .117: : Rating 182: Expected Val $5.50

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Buy ENGELHARD CORP (EC) Mar 40 Call options at 2.1 or lower (Stock Price = 39.6). After entry take profits if the stock price hits 43.6 (option price = 4.6). Exit if the stock price closes below 37.6 (option price = 1.2).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 44%

Historical Volatility 37%: Delta .501: : Rating 107: Expected Val $12.90

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Buy VALERO (VLO) Mar 65 Call options at 2.6 or lower (Stock Price = 60.3). After entry take profits if the stock price hits 66.8 (option price = 5.8). Exit if the stock price closes below 57.0 (option price = 1.6).

Probability of hitting Profit Goal 25%: Probability of hitting Stop Loss 52%

Historical Volatility 47%: Delta .375: : Rating 114: Expected Val $28.00

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Buy AMERADA HESS (AHC) Mar 150 Call options at 5.8 or lower (Stock Price = 145.0). After entry take profits if the stock price hits 158.3 (option price = 13.2). Exit if the stock price closes below 138.3 (option price = 3.4).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 44%

Historical Volatility 35%: Delta .429: : Rating 100: Expected Val $49.80

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Buy APACHE CORP (APA) Mar 75 Call options at 3.2 or lower (Stock Price = 74.1). After entry take profits if the stock price hits 79.4 (option price = 6.4). Exit if the stock price closes below 71.4 (option price = 2.1).

Probability of hitting Profit Goal 25%: Probability of hitting Stop Loss 49%

Historical Volatility 31%: Delta .485: : Rating 108: Expected Val $26.10

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Buy KERR MCGEE (KMG) Mar 105 Call options at 3.9 or lower (Stock Price = 103.2). After entry take profits if the stock price hits 110.6 (option price = 8.2). Exit if the stock price closes below 99.5 (option price = 2.4).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 44%

Historical Volatility 29%: Delta .462: : Rating 100: Expected Val $24.30

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Buy POGO PRODUCING (PPP) Mar 60 Call options at 0.7 or lower (Stock Price = 56.2). After entry take profits if the stock price hits 59.1 (option price = 1.7). Exit if the stock price closes below 54.7 (option price = 0.4).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 45%

Historical Volatility 23%: Delta .244: : Rating 137: Expected Val $9.50

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Buy SUN COMPANY (SUN) Mar 90 Call options at 5.7 or lower (Stock Price = 89.7). After entry take profits if the stock price hits 98.7 (option price = 11.4). Exit if the stock price closes below 85.2 (option price = 3.6).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 48%

Historical Volatility 42%: Delta .525: : Rating 87: Expected Val $30.30

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Buy EXXON (XOM) Mar 65 Call options at 0.5 or lower (Stock Price = 60.5). After entry take profits if the stock price hits 63.6 (option price = 1.4). Exit if the stock price closes below 58.9 (option price = 0.3).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 42%

Historical Volatility 21%: Delta .193: : Rating 135: Expected Val $6.00

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Buy OCCIDENTAL PET (OXY) Mar 95 Call options at 3.1 or lower (Stock Price = 91.0). After entry take profits if the stock price hits 99.4 (option price = 7.6). Exit if the stock price closes below 86.8 (option price = 1.7).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 41%

Historical Volatility 33%: Delta .396: : Rating 109: Expected Val $23.60

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Buy HALIBURTON (HAL) Mar 80 Call options at 3.0 or lower (Stock Price = 75.5). After entry take profits if the stock price hits 83.1 (option price = 6.8). Exit if the stock price closes below 71.7 (option price = 1.7).

Probability of hitting Profit Goal 21%: Probability of hitting Stop Loss 48%

Historical Volatility 41%: Delta .386: : Rating 100: Expected Val $17.40

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Buy ROWAN COS (RDC) Mar 45 Call options at 1.9 or lower (Stock Price = 43.2). After entry take profits if the stock price hits 47.5 (option price = 4.3). Exit if the stock price closes below 41.0 (option price = 1.1).

Probability of hitting Profit Goal 24%: Probability of hitting Stop Loss 45%

Historical Volatility 39%: Delta .426: : Rating 123: Expected Val $21.60

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Buy SCHLUMBERGER (SLB) Mar 125 Call options at 5.1 or lower (Stock Price = 122.3). After entry take profits if the stock price hits 133.6 (option price = 11.8). Exit if the stock price closes below 116.7 (option price = 2.9).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 41%

Historical Volatility 33%: Delta .458: : Rating 87: Expected Val $17.00

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Buy BURLINGTON NORTH (BNI) Mar 75 Call options at 1.2 or lower (Stock Price = 70.4). After entry take profits if the stock price hits 75.5 (option price = 3.3). Exit if the stock price closes below 67.9 (option price = 0.6).

Probability of hitting Profit Goal 15%: Probability of hitting Stop Loss 38%

Historical Volatility 26%: Delta .282: : Rating 118: Expected Val $8.70

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Buy C S X (CSX) Mar 55 Call options at 0.6 or lower (Stock Price = 51.6). After entry take profits if the stock price hits 54.3 (option price = 1.5). Exit if the stock price closes below 50.3 (option price = 0.3).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 42%

Historical Volatility 22%: Delta .241: : Rating 139: Expected Val $8.10

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Buy NORFOLK SOUTHERN (NSC) Mar 45 Call options at 1.6 or lower (Stock Price = 44.3). After entry take profits if the stock price hits 47.5 (option price = 3.5). Exit if the stock price closes below 42.7 (option price = 1.0).

Probability of hitting Profit Goal 19%: Probability of hitting Stop Loss 42%

Historical Volatility 27%: Delta .464: : Rating 112: Expected Val $10.90

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Buy UNION PACIFIC (UNP) Mar 85 Call options at 2.2 or lower (Stock Price = 83.8). After entry take profits if the stock price hits 88.2 (option price = 4.7). Exit if the stock price closes below 81.6 (option price = 1.3).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 41%

Historical Volatility 21%: Delta .447: : Rating 102: Expected Val $8.10

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Buy BEST BUY (BBY) Mar 50 Call options at 2.7 or lower (Stock Price = 48.8). After entry take profits if the stock price hits 53.7 (option price = 5.6). Exit if the stock price closes below 46.4 (option price = 1.7).

Probability of hitting Profit Goal 25%: Probability of hitting Stop Loss 48%

Historical Volatility 42%: Delta .475: : Rating 111: Expected Val $24.50

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Buy NORDSTROM (JWN) Mar 40 Call options at 1.7 or lower (Stock Price = 39.4). After entry take profits if the stock price hits 42.2 (option price = 3.4). Exit if the stock price closes below 38.0 (option price = 1.1).

Probability of hitting Profit Goal 26%: Probability of hitting Stop Loss 49%

Historical Volatility 32%: Delta .477: : Rating 115: Expected Val $14.80

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Buy WASH FED(WFSL) (WFS) Mar 25 Call options at 0.2 or lower (Stock Price = 24.3). After entry take profits if the stock price hits 25.0 (option price = 0.5). Exit if the stock price closes below 24.0 (option price = 0.1).

Probability of hitting Profit Goal 13%: Probability of hitting Stop Loss 44%

Historical Volatility 13%: Delta .281: : Rating 92: Expected Val $-0.50

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Buy A M D (AMD) Mar 40 Call options at 1.1 or lower (Stock Price = 35.7). After entry take profits if the stock price hits 39.6 (option price = 2.7). Exit if the stock price closes below 33.8 (option price = 0.6).

Probability of hitting Profit Goal 26%: Probability of hitting Stop Loss 51%

Historical Volatility 47%: Delta .296: : Rating 134: Expected Val $16.10

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Buy RAMBUS(RMBS) (RMB) Mar 35 Call options at 4.3 or lower (Stock Price = 34.0). After entry take profits if the stock price hits 39.4 (option price = 7.7). Exit if the stock price closes below 31.3 (option price = 3.0).

Probability of hitting Profit Goal 42%: Probability of hitting Stop Loss 57%

Historical Volatility 90%: Delta .537: : Rating 116: Expected Val $68.70

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Buy NVIDIA (NVDA) (NVD) Mar 45 Call options at 1.5 or lower (Stock Price = 43.8). After entry take profits if the stock price hits 47.0 (option price = 3.2). Exit if the stock price closes below 42.2 (option price = 0.9).

Probability of hitting Profit Goal 20%: Probability of hitting Stop Loss 47%

Historical Volatility 29%: Delta .430: : Rating 101: Expected Val $5.80

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Buy CYPRESS SEMICONDUC (CY) Mar 17.5 Call options at 0.6 or lower (Stock Price = 15.6). After entry take profits if the stock price hits 17.5 (option price = 1.4). Exit if the stock price closes below 14.7 (option price = 0.3).

Probability of hitting Profit Goal 27%: Probability of hitting Stop Loss 50%

Historical Volatility 51%: Delta .323: : Rating 123: Expected Val $6.60

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Buy QLOGIC (QLGC) (QLG) Mar 40 Call options at 0.8 or lower (Stock Price = 38.0). After entry take profits if the stock price hits 40.7 (option price = 2.0). Exit if the stock price closes below 36.6 (option price = 0.4).

Probability of hitting Profit Goal 18%: Probability of hitting Stop Loss 38%

Historical Volatility 27%: Delta .327: : Rating 122: Expected Val $6.40

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Buy COMPUTER ASSO INTL (CA) Mar 30 Call options at 0.3 or lower (Stock Price = 29.0). After entry take profits if the stock price hits 30.2 (option price = 0.8). Exit if the stock price closes below 28.4 (option price = 0.2).

Probability of hitting Profit Goal 15%: Probability of hitting Stop Loss 38%

Historical Volatility 16%: Delta .289: : Rating 139: Expected Val $3.70

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Buy NETWORK APPL(NTAP) (NTA) Mar 35 Call options at 0.2 or lower (Stock Price = 31.1). After entry take profits if the stock price hits 33.3 (option price = 0.7). Exit if the stock price closes below 30.0 (option price = 0.1).

Probability of hitting Profit Goal 16%: Probability of hitting Stop Loss 40%

Historical Volatility 24%: Delta .132: : Rating 165: Expected Val $4.00

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Buy BMC SOFTWARE(BMC) (BMC) Mar 22.5 Call options at 0.7 or lower (Stock Price = 22.3). After entry take profits if the stock price hits 23.5 (option price = 1.4). Exit if the stock price closes below 21.7 (option price = 0.5).

Probability of hitting Profit Goal 23%: Probability of hitting Stop Loss 45%

Historical Volatility 23%: Delta .477: : Rating 126: Expected Val $7.10

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Buy COOPER TIRE (CTB) Mar 17.5 Call options at 0.3 or lower (Stock Price = 16.3). After entry take profits if the stock price hits 17.5 (option price = 0.8). Exit if the stock price closes below 15.7 (option price = 0.2).

Probability of hitting Profit Goal 19%: Probability of hitting Stop Loss 45%

Historical Volatility 27%: Delta .280: : Rating 148: Expected Val $5.00

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Buy LOEWS CORP (LTR) Mar 100 Call options at 2.3 or lower (Stock Price = 99.3). After entry take profits if the stock price hits 103.3 (option price = 4.6). Exit if the stock price closes below 97.3 (option price = 1.5).

Probability of hitting Profit Goal 17%: Probability of hitting Stop Loss 39%

Historical Volatility 17%: Delta .471: : Rating 101: Expected Val $7.90