trading, monday sept 10, sold XOM

Bought IBB oct 85 call for 0.50.Have an order to double down on the AAPL oct 140 position with a limit order for 5.00.

The DIA puts are doing a great job of hedging the portfolio as it is
now showing a net loss of only 0.3 %

XOM puts are up 60% ,  need to think about taking profit...

Sold XOM oct 85 puts for 3.40 for gain of 70% with thanks
to Phil Davis of  http://philstockworld.com/ who wrote on thursday Sept 6/07  :

"Oil prices are at their month’s high at $76.40 ahead of inventories today and ZMan and I will adress the nation at about 10:25 on Market News First with our live energy report so tune in for that nonsense. Projections are for a smaller drawdown (about 1M barrels net) than last week’s massive draw but this will give us our first real indication of how summer driving season is winding down. As I mentioned earlier in the week, this is the last harruh for demand before the big fall drop-off so they’d better get a good one.

Last week in our newscast, ZMan and I made call plays on the XOM $85 calls, the VLO $70 calls (and ‘09 $75 leaps), the TSO $50s and the XLE $70s, all of which doubled by Friday and on Tuesday I was back on MN1 calling a top and looking for a reversal of that position to the put side so we’ll see if we can have our cake and eat it too. Right now, our biggest member position is the XOM Oct $85 puts at $2.31, a position we rolled to after an unsatisfactory few days holding the Sept $85 puts."