Wrap – Week Ended 09/18/08

Holdings Watch:

$10KP II:

  • $18,600
  • 73% cash
  • 3% in puts
  • The Current Holdings tab is updated.
  • I will update the $10KP II tab again for Monday.

Last Weeks Closed Trades:

  • HK – Half out HK $24 September calls (HKIO) for $0.65, up 21%,
  • HK – Sold last 20 HK $24 Calls (HKIO) for $0.95, up 76%,
  • The HK $26 September calls expired worthless,
  • KWK $12.50 calls (KWKIV) sold for $1.25, up 103%,
  • EOG – Sold half (5 of 10) October $85 Calls (EOGJQ) for $2.45, up 79%,
  • EOG – Sold all 25 of the September $80 Calls (EOGIP) for $0.90, up 15%,
  • WLL – Out second half of September $50 calls for $5.80, up 440%,
  • SWN – Sold the September $36 Call position (TKQIY) for $5.60, up 273%,
  • NFX – Out of my 10 NFX $40 September Calls (NFXIH) for $4.10, up 103%.
  • The HAL September puts expired worthless.


Wrap Comments:

I grew increasingly conservative last week as expiration approached raising cash levels and adding some service company puts as the market seemed to be grinding higher with less certainty. Natural gas continues to be extremely volatile and at least the last release of data on the 15th, the large short cover has not yet occurred as you can see in the table below. There are more energy conference appearances on the near horizon for a number of favorite names on the site and I will dipping a toe in the next couple weeks back into them on sector/market weakness.

See a cool video here

7 Responses to “Wrap – Week Ended 09/18/08”

  1. 1
    zman Says:

    Bill C, can you log in?

  2. 2
    bill Says:

    i can log in

    hk sold some Permian assets for close to 400 m

    Bill F

  3. 3
    zman Says:

    Yeah, I got the sale, as expected on pricing, probably a little earlier than some expected. Not very telling on a $/Mcfe basis as the asset was unlike their other reserves in terms of potential. On the whole, good news as it increases liquidity.

  4. 4
    zman Says:

    DPTR on the tape with a good sized disappointment.

  5. 5
    bill Says:

    dptr down 30 % pre market

    the mo mo players will exit back to the 2’s

  6. 6
    zman Says:

    Bill – agreed, just finish writing that up, ugly, not so much about the well although that’s not good but the doubling in the stock of late. They have puts.

  7. 7
    bill Says:

    looks like a 3 % down day in energy stocks

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