Return on Capital for 2005 - Including Broker and Subscription Fees

Number of closed trades in 2005 =

74

74

74

74

(Average of 1.4 trades per week)

Number of contracts per trade  =

1

2

3

4

Avg. Premium Cost per trade =

$615.18

$1,230.35

$1,845.53

$2,494.41

Total Premiums =

$45,523.00

$91,046.00

$136,569.00

$182,092.00

Avg. % Profit x Total Premiums=

$3,690.00

$7,380.01

$11,070.01

$14,760.01

(Average of 8.9% per trade)

Broker Commission (Etrade) =

-$1,663.52

-$1,848.52

-$2,033.52

-$2,188.54

Subscription Cost =

-$720.00

-$720.00

-$720.00

-$720.00

Avg. Net Profit After Expenses =

$1,306.48

$4,811.49

$8,316.49

$11,851.47

(Average Holding time 7.5 days)

Stock

Buy Date

Buy Price

Last

Action

P/L(%)

Option

AET

01/07/05

5.70

$7.10

Sold 01/19

24.6%

AET GX JUL 135.00 CALL

CLF

01/07/05

7.30

$9.20

Sold 01/19

26.0%

CLF GJ JUL 50.00 CALL  

MTH

01/21/05

6.80

$9.20

Sold 02/01

35.3%

MTH FZ JUN 62.50 CALL  

BZH

01/31/05

13.70

$17.30

Sold 02/01

26.3%

BZH HJ AUG 150.00 CALL

KBH

01/31/05

9.20

$11.10

Sold 02/01

20.7%

KBH GU JUL 110.00 CALL

BHP

01/28/05

2.25

$2.70

Sold 02/01

20.0%

BHP HE AUG 25.00 CALL

X

01/25/05

5.30

$4.90

Sold 02/02

-7.5%

X GK JUL 55.00 CALL

SFI

01/24/05

0.75

$0.30

Sold 02/04

-60.0%

SFI PH APR 40.00 PUT

EBAY

02/07/05

6.80

$5.60

Sold 02/08

-17.6%

XBA SO JUL 75.00 PUT

CCJ

02/04/05

6.60

$10.20

Sold 02/11

54.5%

CCJ IG SEP 35.00 CALL

MON

02/04/05

8.00

$8.20

Sold 02/15

2.5%

MON GJ JUL 50.00 CALL

TOL

01/02/05

7.10

$7.30

Sold 02/17

2.8%

TOL IR SEP 90.00 CALL

BZH

02/09/05

14.60

$16.90

Sold 02/17

15.8%

BZH HN AUG 170.00 CALL

KBH

02/07/05

11.10

$10.40

Sold 02/18

-6.3%

KBH GC JUL 115.00 CALL

VLO

02/24/05

6.98

$8.70

Sold 03/02

24.6%

VLO IN SEP 70.00 CALL

TXU

02/25/05

3.55

$4.70

Sold 03/04

32.4%

TXU GP JUL 80.00 CALL

SWN

03/03/05

6.50

$5.00

Sold 03/11

-23.1%

SWN IL SEP 60.00 CALL

GM

03/09/05

2.20

$5.80

Sold 03/17

163.6%

GM UZ SEP 32.50 PUT

VLO

03/17/05

6.60

$7.50

Sold 03/18

13.6%

YGY AP JAN 80.00 CALL

BHP

02/24/05

2.25

$2.40

Sold 03/22

6.7%

BHP HF AUG 30.00 CALL

QQQQ

03/29/05

1.05

$0.85

Sold 03/31

-19.0%

QQQ RJ JUN 36.00 PUT

TNX

03/14/05

6.80

$4.80

Sold 04/07

-29.4%

TNX LI DEC 45.00 CALL

PCO

03/17/05

5.00

$6.50

Sold 04/12

30.0%

PCO IL SEP 60.00 CALL

VLO

04/04/05

10.30

$11.10

Sold 04/11

7.8%

YGY AP JAN 80.00 CALL

AAPL

04/12/05

4.40

$2.25

Sold 04/14

-48.9%

QAA GV JUL 42.50 CALL

PCO

04/19/05

5.70

$13.20

Sold 04/25

161.6%

PCO IL SEP 60.00 CALL

VLO

04/19/05

8.80

$10.50

Sold 04/25

19.3%

YGY AP JAN 80.00 CALL

WYNN

04/21/05

6.40

$5.20

Sold 04/26

-18.8%

UWY UK Sep 55.00 PUT

WYNN

04/26/05

2.75

$2.20

Sold 04/28

-20.0%

UWY FL JUN 60.00 call

DJ

04/18/05

2.70

$2.60

Sold 05/03

-3.7%

DJ UG SEP 35.00 PUT

UTHR

04/25/05

5.20

$4.70

Sold 05/03

-9.6%

FUH HJ AUG 50.00 CALL

VLCCF

05/02/05

2.65

$2.80

Sold 05/12

5.7%

QHF II SEP 45.00 CALL

LCAV

05/02/05

5.80

$4.50

Sold 05/13

-22.4%

JVQ LH DEC 40.00 CALL

WYNN

04/29/05

5.60

$11.30

Sold 05/17

101.8%

UWY UK Sep 55.00 PUT

ITRI

05/23/05

5.80

$4.60

Sold 06/02

-20.7%

IUP KH NOV 40.00 CALL

KOSP

05/23/05

4.60

$5.40

Sold 06/06

17.4%

KQW HK AUG 55.00 CALL

IYE

06/01/05

3.80

$4.60

Sold 06/13

21.1%

IYE JO OCT 75.00 CALL

NBL

06/07/05

3.60

$4.20

Sold 06/13

16.7%

NBL HO AUG 75.00 CALL

NEM

06/13/05

3.75

$4.30

Sold 06/21

14.7%

NEM LU DEC 37.50 CALL

TOL

06/13/05

6.40

$5.30

Sold 06/24

-17.2%

TOL IA SEP 105.00 CALL

BDX

06/29/05

3.60

$3.20

Sold  06/30

-11.1%

BDX UK  Sep 55.00 PUT

DO

07/05/05

6.00

$5.00

Sold 07/11

-16.7%

DO LK DEC 55.00 CALL

LSS

07/05/05

6.50

$5.60

Sold 07/12

-13.8%

DO LK DEC 55.00 CALL

BTU

07/05/05

4.40

$6.10

Sold 07/13

38.6%

BTU IX SEP 52.50 CALL

ITRI

07/05/05

5.50

$5.50

Sold 07/14

0.0%

IUP KI NOV 45.00 CALL

MTX

07/15/05

1.70

$1.30

Sold 07/19

-23.5%

MTX VL OCT 60.00 PUT

X

07/18/05

4.70

$3.80

Sold 07/19

-19.1%

X VH OCT 40.00 PUT

LSS

07/15/05

7.60

$8.40

Sold 07/22

10.5%

LSS KI NOV 45.00 CALL

DO

07/15/05

7.30

$10.00

Sold 07/25

37.0%

DO LJ DEC 50.00 CALL

SU

07/25/05

7.30

$7.00

Sold 07/27

-4.1%

SU LI DEC 45.00 CALL

SU

08/02/05

7.90

$10.70

Sold 08/04

35.4%

SU LI DEC 45.00 CALL

KOSP

07/28/05

11.70

$15.00

Sold 08/04

28.2%

KQW KM NOV 65.00 CALL

ITRI

08/08/05

9.70

$11.20

Sold 08/12

15.5%

IUP AI JAN 45.00 CALL

MLM

08/12/05

6.60

$5.50

Sold 08/17

-16.7%

MLM JM OCT 65.00 CALL

HAL

08/24/05

9.50

$9.60

Sold 08/25

1.1%

HAL AJ JAN 50.00 CALL

BTU

08/29/05

6.30

$9.70

Sold 08/31

54.0%

BTU LM DEC 65.00 CALL

WYNN

09/15/05

7.30

$9.60

Sold 09/20

31.5%

UWY MK JAN 55.00 PUT

PKZ

09/12/05

5.00

$5.25

Sold 09/21

5.0%

PKZ BJ DEC 60.00 CALL

ADSK

09/26/05

5.20

$6.40

Sold 09/29

23.1%

ADQ AH JAN 40.00 CALL

DD

09/21/05

4.70

$5.00

Sold 09/29

6.4%

DD PV APR 42.50 PUT

UTHR

10/04/05

7.70

$6.20

Sold 10/05

-19.5%

FUH AN JAN 70.00 CALL

SVU

10/08/05

4.70

$4.00

Sold 10/17

-14.9%

SVU MG JAN 35.00 PUT

HAL

10/08/05

6.00

$5.10

Sold 10/18

-15.0%

HAL AL JAN 60.00 CALL

AU

10/25/05

8.80

$7.50

Sold 10/26

-14.8%

AU AG JAN 35.00 CALL

BTU

10/25/05

12.50

$9.50

Sold 10/27

-24.0%

BTU LN DEC 70.00 CALL

SWN

10/25/05

11.50

$9.30

Sold 10/27

-19.1%

SWN LM DEC 65.00 CALL

CRDN

11/02/05

8.40

$9.10

Sold 11/03

8.3%

AUE CG MAR 35.00 CALL

PZZA

11/10/05

4.30

$3.30

Sold 11/15

-23.3%

ZZQ AJ JAN 50.00 CALL

TRB

11/15/05

2.70

$3.10

Sold 11/17

14.8%

TRB NG FEB 35.00 PUT

CCJ

11/21/05

4.80

$5.50

Sold 11/25

14.6%

CCJ CK MAR 55.00 CALL

HOLX

11/29/05

3.95

$4.70

Sold 12/02

19.0%

QHX CG MAR 35.00 CALL

TEF

12/05/05

2.10

$1.80

Sold 12/06

-14.3%

TEF OI MAR 45.00 PUT

HOLX

12/12/05

5.50

$4.20

Sold 12/13

-23.6%

QHX CG MAR 35.00 CALL

AAPL

12/21/05

9.40

$8.40

Sold 12/30

-10.6%

QHX CG MAR 35.00 CALL