BUY OR SELL PROFILES

JNPR

I sold my JNPR (24.16) this morning. This is supposed to be a trade and I got about 6.5% in a couple of weeks, and I certainly do not want this become an investment, not on margin. NASDAQ and S&P have gone up by approximately 5% in the last five trading sessions, and given my view that this rally is a short-term relieve rally, I would like to sell more and raise more cash. The market appears losing some steam here, and there appears to be a lot of profit taking going on.

My problem is that I would like to raise more but I am having a hard time. ELOS exceeded this morning by a large margin, raised its revenue outlook, and it shot up. While I am rather satisfied, this seems not the stock I want to sell. I only wish my position is greater so that I can scale down a bit in the early morning. SXC also exceeded significant. Again, this seems to fit into “BUY� profile, rather than SELL profile. I would trim some if SXC over 3.0 in near term. Otherwise, I would hold it.

Wrote some cover calls on WCG (March 40 @2.4). If it gets exercised, I will sold my WCG at 42.3, on a net basis, for about 25% total return. If it does not, I will lower my purchase price by 2.4, to about 30. I still like this stock and I do not mind holding it at all for the entire 2006-2007. Timing wise, it is consistent with my near term view. Moreover, WCG’s Q1/06 results may not be as robust as results in later 2006. Either way, I would be rather happy with the end result.