Unloved sector and undervalued company returns to favor in 2nd half of 2007. 3-20: Doubled down on our position at $60 5-4: Purchased more AMGN call options this am with stock at $63.25 5-31: Added to AMGN call position today, sector extremely undervalued. 8-21: Purchased more AMGN calls today with stock at $49.25. 11-5: Continue to like AMGN and purchased more options with the stock at $56.2. Stock is a likely acquisition target by a major pharma in the year ahead. 1-11: Purchased more AMGN today to add to our existing position. Still looking for an acquisition by a major pharma later this year. Highly undervalued and unloved.

3-20: Doubled down on our position today at $85.10. Euronex closed. Seat holders are not selling at these levels, Shorts will cover as exchange mergers continue and NYSE announces increases in trading volumes for March and new derivative products. 5-4: purchased more NYX this am. Believe that NYX will combine with an options/derivative exchange, possibly ISE. 8-21: Purchased more NYX calls today with stock at $72.2. 11-5: Last purchase resulted in big gains. We purchased more NYX calls today with the stock at $89. We expect NYX to trade to $200 in 2008 as trading profits from Euronex and the NYSE continue to grow at a rapid pace as just reported. 1-11: Wall Street volatility, Euronex growth and increasing use of technology will drive the earnings and stock of NYX. Price target: $200 by year end

Yahoo is consistently ranked as the No.1 hit site on the globe, according to Alexa.com. It's very likely that Microsoft - the No.2 hit site on the globe - has their eye on Yahoo. Aside from being the perfect target for MSFT, this company is unloved, undervalued, and mismanged. We expect the stock to post stronger than expected earnings this quarter as a result of Panama. Terry Semel has a life line with Panama. 5-31: Purchased more YHOO calls today. Looking for Yahoo mgt shake-up. to boost stock in the 2nd half of the year. 7-21: Semel gone as expected, 11-2: Purchased 500 Jan $32.5 calls at $2.00

Continues to be our top holding. Effectiveness of strategic brand management not fully recognized, growth in Macs and iPhone will be better than expected. 3-20: Increased our position in AAPL today at $92.20. Favorite name. 5-31: AAPL is on fire and we are not backing off of our favorite name. Looking for a 3:1 stock split after the iPhone launch and we do not believe that the stock is overvalued at these levels. See $150+ in the next quarter. 8-21: Purchased more AAPL calls today when stock was $121 11-3: Still expect further gains in Apple at least thru Mac World in January and still waiting for the stock split which will send the stock higher to $225. We anticipate that Apple will extend the iPhone into a gaming device and enter into the highly lucrative gaming market. 1-27: Ouch - what a few weeks for Apple. We remain bullish on this name and added to our position this week with the stock at $130. Still see the stock at $225 in 12 months.

4-10: New position added today. 8-2: Play on surging growth in online gaming in China and possible takeover.

5-4: new name added today. Purchased options with stock at $41.8. Undervalued, underloved, vulnerable to a takeover. Option activity strong, indicating some strong interest. target price mid $50's. 5-31: Options activity unusally strong today and we added to our position for this undervalued name. 8-2: Continue to watch this one closely! 11-3 - got what we were looking for with NEM and their blowout earnings last week. Continue to hold as part of our global growth theme.

8-21: Following downgrade by JPM today, we purchased Calls with the Stock below $48. 11-3: Looking to purchase more long term in the money calls on MHP this week if the stock trades below $45. 7-25: Purchased Puts today ahead of earnings next week. Credit markets have not recovered and we do not expect them to until next year. We expect MHP to hit their quarterly number, but more importantly, we expect MHP to lower guidance for the year and announce additional staff and expense reductions. We see earnings dropping below $2.20 per share. A PE multiple of 15 provides a fair value of $33. We expect Moody's to be hit harder.

11-3: added this speculative play to our protfolio this week. Symbol Changed to EZCH