Wrap – Week Ended 3/20/09 (In Progress)

 Holdings Watch: $10KP Closed Trades For Last Week.

• (SWN) March $30 calls for $0.50, up 100% since entry last Friday with the stock at $29.12. I continue to hold the April $30 calls.
• (HK) - Out Half $17.50 call position for $1.25. Up 58% on the whole position or 105% on the calls acquired yesterday. Am likely to roll to April here on a pull back and/or may uprisk and add to March 20 position.
• (HK) - Swapped HK $17.50s for HK $20s. Sold the remaining HK $17.50s for $1.25 and added more of the HK March $20s, for $0.15, obviously pretty risky with 3 days left on them and the stock at $18.70.
• Half out of the HK March $20 Calls for $0.70, up 366%, with the stock at $20.50.
• Sold another quarter of my HK March 20 Call position for $1.10, up 633%, into today’s natural gas rally.
• We had complete losses in one set of FSLR calls, one SPRWA call, one NFX (which tried mightily in the last week not be a loser but my timing was shabby) and the last quarter of the HK $20 calls.

1)  through 3) Energy Outperforms Broad Markets As Crude And Natural Gas Bob Higher. No surprise there although the continued strength of the service sector is something I expect to be fleeting without further help from higher markets in general.

4) Rig Counts Continue To Swoon. Not falling as fast as they have been earlier in the quarter but still aimed lower. Without a more substantial recovery in oil and natural gas prices I expect both oil and gas rig counts to ease lower.