10/16/2007

The sellers are out again, but this time it was due to high oil prices and profit taking before IBM, INTC, and YHOO announce their earnings. These company all announced very good earnings and should bring the bulls back into the game tomorrow. Today, initiated a short on SLB at 111.85, oil prices has ran up 12 dollar in the past 2 weeks and there is no fundamental justification for this run up. So that is the reason for this short, will add to position if it moves higher. Covered another portion of my ISRG for +5/share, this stock is starting to come down before earnings, may hold the remaining till Thursday. I might even go long if it goes below 240, however, must stay cautious of this very volatile stock. Sold all my GOOG for +2.5/share, this helped offset my loss from yesterdays terrible entry. A decent day, lets see will the bulls come back tomorrow.

Current positions/cost
Long vmw 84.50
vsea 48.6
short isrg 247.16
slb 111.85