Long ADBE

Long ADBE at 27.84. Purely speculative. Rumors of MSFT take over.

In addition to the stock, bought 2 call at 31 with January 2011 expiration.

Expect a premium of at least 30-35% to the current price, given the way deals have gone through in this sector this year.

Short MAR

Sell Nov 37 Call at 0.85

Close Out (MTN/MAR)

MTN at 38.2,  MAR at 35.92

September Performance

The portfolio is up 1.3% for the month.Entire history since inception in table form is also here.

Month	Portfolio	S&P 500
Jul-09	1.7%	5.1%
Aug-09	4.0%	3.6%
Sep-09	4.7%	3.7%
Oct-09	7.0%	-1.9%
Nov-09	2.1%	6.0%
Dec-09	4.4%	1.9%
Jan-10	4.8%	-3.6%
Feb-10	-3.1%	3.1%
Mar-10	0.0%	6.0%
Apr-10	-1.0%	1.6%
May-10	-2.5%	-8.0%
Jun-10	3.9%	-5.2%
Jul-10	-0.3%	7.0%
Aug-10	1.3%	-4.5%
Sep-10	1.3%	8.9%

New Trade (Energy)

Long NAT at 26.76, Short ERF at 24.69

New Trade (Retail)

Long DKS at 28.12, Short ZUMZ at 21.33

Close Out (GDP Partial)

Close GDP at 14.26, Close the October short call at strike of 12.5 at 1.95 (Covered call trade). De-risking and not much theta lift at the current price.

Still keeping part of GDP/TLM pair open

New Trade (Industrial)

Long KDN at 33.72, Short WAB at 46.10

Close Out Call on EQR

Close out Call on EQR at 0.85. Bringing the portfolio closer to neutral.

New Trade (Machinery)

Long ITW at 47.04, Short IEX at 35.03