here’s an update of the Dow30 calls stated at the beginning of the year.  We’ve been through some turmoil this year but there is much in store.

MMM: Short 78.35; Now at 76.83, +1.9% the maxdrawdown was not much, within range of -2% I believe and max unrealized profit at 7.3%.  I will maintain a short rating on this but if it goes back to -2% (over the 79.4 region I would cover and go long)

AA: Long 29.24; Now 34.87, +19.3% , max drawdown was 4.4% which was quickly reversed soon after the pick.  I will maintain a long position on this as it is one of the few long positions in this portfolio and it continues to be a strong performer.  Alcoa releasing earnings today.  Let’s see if they beat their 11% expectation earnings increase.

MO: Short 84.78.  A crude calculation for adjusting for the spinoff of Kraft yields my short at nearly $65.19 which in comparison to today’s price of $69.90 is lower resulting in a loss.  The market has blessed the spinoff with favorable share price increase I stand at a 4.71% loss on this trade.  I will actually change calls on this to a long. at this point.

AXP: Short 60.85; Currently 56.36 for +7.37%.  I maintain a short on this unless it goes over $58 at which point I will cover the short.

AIG: Short 71.67; Currently 67.23 for +6.2% on this trade.  I maintain short.

T: Short 34.98; Bad call shorting into a solid trend.  This yields -12.4%.  I will reverse position to long here.

BA: Short 88.76; Currently 90.03 so I’m losing 1.4% on this trade.  It’s been in a range between 85 and 91 so I’m not too concerned.  A short call spread would probably yield a profit on this with time decays. Short.

CAT: Short 60.59; This was a rough trade as the trend was down and it seems to have reversed soon after the call was made.  This trade is proving a 11.1% loss.  I will actually go long here.

C: Long 54.55; Another loser at -5.4%.  I maintain a long though.

KO: Long 48.38; Not too bad but took a while and a decent drawdown to get here.  Currentl 49.63 decent run after a drop to 45.  +2.6%.  Keep long

DD: Short 48.57; Big drawdown but now only a smaller loss.  I maintain short looks like a dome to be.  -2.3%.

XOM: Short 75.41; Small loss now, had significantly higher profits immediately after the call and also in the beginning of March.  I will maintain a short but if it goes over 78.75 I will go long.  -1.8%

GE: Short 37.57; Keep on short; +7.4%

GM: Short 29.42; Losing trade; was much worse at its  peak of 36.99.  It’s still idling and the future is not so clear.  Keep short I’d say. -8.7%

HPQ: Long 40.63;  The crash wiped out a lot of the gain but it’s staging a comeback
much like the rest of the market.  It seems to react fine, i maintain long. +1.7%

HD: Short 38.89; Keep short; +2.1%

HON: Long 44.63; Stay long; +5.6%

INTC: Short 20.08; now 20.10; Breakeven.  Stay short, if it goes to 20.50 then go long.

IBM: Short 95.25; Had a nice profit but rallied; reminds me of HPQ.  Staying short;-1.4% so far.

JNJ: Short 65.65; +6.1%.  Will stay short.

JPM: Short 47.89; -2.39%; staying short.

MCD: Short 43.57; -1%, going long here.

MRK: Short 42.83; -6.6%; staying short.

MSFT: Short 29.64; +3.6%; staying short.

PFE: Short 25.97; now 26, breakeven.

PG: Short 63.80; -.8%; staying short.

UTX: Short 62.56; -4%; staying short.

VZ: Short 36.55; -4%; going long.

WMT :Short 45.54; -6.7%; staying short.

DIS: Short 34.16; -2.2%; staying short.

Total for first quarter 2007: -0.43% while the Dow30 Long is up 0.8%.  Thus my picks are underperforming the
market by 1.23%.