May was a pretty good month.

Observations:

It was a good time to be long energy stocks.
It will not always be this easy.

On to the weekly wrap.

 
Commodity Watch:  July natural gas traded lower following the release of a substantially "in line" storage injection number of 87 Bcf (I was at 85 to 90 and the Street was looking for 84 Bcf). Gas closed down $0.52 to $11.47 with losses building after a sharp reversal in crude futures.

Storage levels remain in line [...]

My comments will be brief for this weekly wrap as I'm traveling this weekend.
Holdings Watch: I began liquidating some positions early in the week and found myself buying them back lower as the week progressed into redness. Here are the closed trades for the week ended 5/23/08:

U.S. Steel - X - June $180 calls sold [...]

 
Yesterday was a good day. And not just because of a T Boone Pickens inspired mini-spike in oil prices. Catalytic news out of (CLR) drove the shares 23% higher on the day and I took a majority of my position off the table when it was up a mere 16%, (read on). Anyone with a [...]

 
This Week's Closed Trades Watch:

Sold the PQ May $22.50 calls taken mid April for a 43% gain

sold the PBR May $65 calls taken mid April for a 80% gain

Sold the HAL May $45 calls taken mid April in two lots for 106% gain

Sold the CLR June $50 Calls taken 4/21 for a 197% gain

Sold the [...]