20 -100 Portfolio Update

Calendar Spreads Closed out the IBM and CAT calendar spreads. IBM calendars were profitable whereas the CAT calendar has neutral. Caterpillar's disappointing earning news was reflected in the stock price, which closed down 5% or at less than $74.

Calendar Spreads Considering spreads on Pepsi (PEP), Proctor & Gamble (PG) and Johnson & Johnson (JNJ). All are sporting 1:1 P/L ratios for the Nov/Jan period.

Stock Holdings The portfolio value took a hit due to the drop in stock values - especially Cisco (CSCO) and Quest (Q).