Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	9/19/2003 2:06:40 PM
From: Tommaso	Read Replies (1) of 36161

I can't post directly to HRH because he banned me from his thread as part of his original setup, but maybe his malevolent curiosity will lead to his reading this post. In addition to maintaining the energy positions I posted here, I have been adding an array of LEAP puts (for January 2006) on the QQQs. HRH will be happy to hear that I had a short term LOSS on some DOW puts I bought last October, which I just sold so as not to lose the tax deduction, rolling the money over into the QQQ puts, which I think are a better bear position that betting against the Dow. Hoping to take long term gains (taxed at only 15%) On these some time before expiration. Should the QQQs drop back to 20 again any time in the next 28 months, I would have about a 150% gain. Oh yes, the puts I bought are: YWZMS YWZMN WDMU WDMD Enough of these are well into the money so that only a small drop of QQQ will enable me to break even. My one position in COS.UN (Canadian Oil Sands Royalty Trust) is worth three times the total money I have put into all these puts, and my total energy holdings are probably ten times what I have in these speculative puts. Biggest bear bet by far remains Prudent Bear Fund.

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