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2014 July Update


The portfolios and capital gains summaries are current to the end of the month. There was hedging activity as well as investment activity this month.


Comprehensive Strategy, stocks

Selection list

The list was generated before the July 25 market opening. Price histories, adjusted for splits and dividends, were downloaded from Yahoo:

Stock                          Trend      Hardnose Group and End Market    
-----------------------------  -----  -------------------------------------
PAHC  Phibro Animal Health     266    Meat Products                    intl
TLF   Tandy Leather Factory    205    Apparel                           USA
UIHC  United Insurance         201    Insurance                         USA
MPAA  Motorcar Parts           197 X  Auto Parts                 USA/Canada
MU    Micron Technology        190    Semiconductors                   intl
FOE   Ferro Corp               179 X  Chemicals                    USA/intl
CAR   Avis Budget Group        178    Rental Services                  intl
GILD  Gilead Sciences          174    Biotechnology                    intl
GMK   Gruma SAB                173    Packaged Goods               USA/intl
STZ   Constellation Brands     170    Beverages, Alcoholic         USA/intl
ANIK  Anika Therapeutics       168    Biotechnology                USA/intl
GY    GenCorp Inc              163    Aerospace & Defense               USA
DAL   Delta Air Lines          161    Airlines                         intl
CSCD  Cascade Microtech        159 X  Semiconductors                   intl
TSM   Taiwan Semiconductor     158    Semiconductors                   intl
KS    KapStone Paper           158    Paper                        USA/intl
GPOR  Gullfport Energy         155 X  Oil & Gas                         USA
HII   Huntington Ingalls       154    Aerospace & Defense               USA
FSS   Federal Signal           151    Waste Management             USA/intl
AAL   American Airlines        150    Airlines                         intl

Portfolio

I chose KS for the monthly purchase. All stocks higher in the list were bypassed because I already own them or they are in the same groups and end markets as stocks I already own:

Stock      Hardnose Group        Qty        Start            End of Month  
-----   --------------------   -----  -----------------   -----------------
AWH     Insurance                600  03/27/14   20,356   07/31/14   21,606
CPA     Airlines                 150  08/27/13   19,904   07/31/14   22,780
EADSY   Aerospace & Defense     1000  12/13/13   18,548   07/31/14   14,360
GILD    Biotechnology            300  04/25/14   22,206   07/31/14   27,465
GMK     Packaged Goods           500  05/27/14   20,416   07/31/14   21,940
HCLP    Basic Materials          500  06/27/14   31,412   07/31/14   30,585
KS      Paper                   1000  07/27/14   32,772   07/31/14   29,740
MPAA    Auto Parts               700  02/27/14   17,135   07/31/14   15,582
MU      Semiconductors          1000  09/27/13   17,935   07/31/14   30,550
MWE     Oil & Gas                300  12/15/11   16,044   07/31/14   20,940

Capital gains

 Oct    Nov    Dec    Jan    Feb    Mar    Apr    May    Jun    Jul   Stock
-----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
                                           1182    962    312  -1206    AWH
 -786   4174 -16015                                                    AFSI
 5586    438   2877  -5015  -3607                                      BBSI
                            -3161                                      BCOR
12585  10485    690  -1965   7569                                      BITA
                             7013  -3120  -1889                        BITA
 1121                                                                  CAMP
 8865   2130   4545   2265   3840  -6255  -4661                        CAMP
-1543    777   -682  -1554   -106  -2040                                CHL
 1631    282   1303  -4411    714   1459  -1486   1148    -54   1394    CPA
 6465   3040   8610   -893                                             DXPE
                     -4790   1430  -1708   4570 -10910     55          DXPE
                      -868    590   -320   -900    860  -1180  -2370  EADSY
                                                  2167    510   2592   GILD
                                                   559   2950  -1985    GMK
                                                          183  -1010   HCLP
-3983                                                                  IGLD
 -615  13090    629                                                    JAZZ
               2410   6275     71  -3316  -3122                        JAZZ
                                                               -3032     KS 
-5055   1615   1670  -6565   -596                                       LAD
-3060   -264                                                           MGAM
       -2850                                                           MGAM
                                    1464    609  -2534    371  -1463   MPAA
 -255   3420    650   1290   1150   -530   2460   2470   4360  -2400     MU
  615  -1563   -882   1218  -1902    441   -594   -417   2889   -534    MWE
  230    215   -605  -5655   -547                                       OCN
 1100   -900    240   1120   1820   -160  -3120  -2680    -28          PGTI
               1381  -3143  -2580                                      SLCA
-----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
22901  34090   6821 -22691  11697 -14085  -6951  -8385  10368 -10014  Total

Comprehensive Strategy, call options

Selection list

The list was generated before the July 25 market opening. Price histories, adjusted for splits and dividends, were downloaded from Yahoo:

Stock                          Merit      Hardnose Group and End Market    
-----------------------------  -----  -------------------------------------
PII   Polaris Industries       446    Recreation                   USA/intl
UNP   Union Pacific            430    Railroads                         USA
HD    Home Depot, The          393    Home Furnishings                  USA
CMCSK Comcast Corp             384    Utilities, Telecom               intl
ROST  Ross Stores              365 X  Apparel                           USA
CMCSA Comcast Corp             364    Utilities, Telecom               intl
LYB   LyondellBasell Ind       354    Chemicals                        intl
AZO   AutoZone Inc             348    Auto Parts                        USA
MCK   McKesson Corp            333    Drugs                             USA
CI    Cigna Corp               323    Healthcare Plans             USA/intl
DFS   Discover Financial       302    Credit Services                   USA
ACT   Activis plc              292    Drugs                            intl
STZ   Constellation Brands     253    Beverages, Alcoholic         USA/intl
GILD  Gilead Sciences          213    Biotechnology                    intl
REGN  Regeneron Pharma_        203    Biotechnology                USA/intl
CAR   Avis Budget Group        202    Rental Services                  intl
RAD   Rite Aid                 191    Retail, Variety                   USA
MU    Micron Technology        186    Semiconductors                   intl
DAL   Delta Air Lines          171    Airlines                         intl
FANG  Diamondback Energy       169    Oil & Gas                         USA

Portfolio

All were disqualified because I already own them or they are in the same groups and end markets as stocks I already own. Consequently I added to my position in UNP, bypassing PII because the market value of (underlying) PII already exceeds the tranche size.

Option      Hardnose Group       Qty        Start            End of Month  
----------  --------------------  --  -----------------   -----------------
ACT15C95    Drugs                  2  03/27/13    1,910   07/31/14   24,160
CAR15C35    Rental Services        7  05/24/13    3,793   07/31/14   15,330
CI15C60     Healthcare Plans       3  01/25/13    2,317   07/31/14    9,585
CMCSK15C37  Utilities, Telecom     5  12/14/12    2,047   07/31/14    8,700
DFS16C60    Credit Services        3  03/27/14    1,918   07/31/14    2,253
FDO16C65    Retail, Variety        3  12/13/13    2,269   07/31/14    3,150
GNRC16C50   Machinery              5  11/20/13    5,107   07/31/14    2,550
HD15C77.5   Home Furnishings       3  09/27/13    2,089   07/31/14    1,695
LYB15C70    Chemicals              3  07/26/13    2,200   07/31/14   11,370
PII15C87.5  Recreation             2  02/27/13    2,750   07/31/14   12,220
PII16C130   Recreation             2  06/27/14    3,426   07/31/14    5,900
PKG16C72.5  Packaging              3  02/27/14    2,452   07/31/14    1,380
PPC16C22.5  Meat Products         10  04/25/14    4,756   07/31/14    8,600
ROST15C65   Apparel                3  06/27/13    2,488   07/31/14      960
STZ15C65    Beverages, Alcoholic   3  10/25/13    2,284   07/31/14    6,270
UNP16C87.5  Railroads              2  01/27/14    1,639   07/31/14    3,080
UNP16C105   Railroads              3  07/25/14    2,335   07/31/14    1,875

Capital gains

 Oct    Nov    Dec    Jan    Feb    Mar    Apr    May    Jun    Jul  Option
-----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
 2960      0   3372      0      0      0   8128   1900   2040  -1460    ACT
  872   2384   1500    -89                                              AZO
  840   2100      0   1400   1589   2821   2660   2450   1540  -1750    CAR
    0   -207      0   1725  -2712    888   -720   2835    735    -45     CI
    0      0      0      0      0      0   3850    450    750    750  CMCSK
 -255    610     45    608                                              DFS
                                           -238    261    348    -36    DFS
  474     60    -45   -340                                              DRI
                       -10      0      0  -1149     90   1200    750    FDO
 1200  -1615    -50  -2302                                              GME
               1493  -1435      0   3135  -1300  -3050     75  -1475   GNRC
  101    399    171  -1155    630   -540    -45    -30    135    -60     HD
  570   -270    534      0   1623   1143    540   1920   -360   2970    LYB
 -360    -57   -291  -1482     36    435   -351   -915    -23          PETM
    0      0      0      0      0      0   5660   -540   -260   3780    PII
                                                          -10   2484    PII
                                     368  -1110    -90    150   -390    PKG
                                                  1544   1400    900    PPC
    0   1131  -1188      0      0      0  -1404   -180   -477   -363   ROST
         806     90   1278    942    300   -750   1020   1200   -900    STZ
    0   1928     50    620                                              UNP
                              311    689   -149    480    300   -190    UNP
                                                                -460    UNP
 ----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
 6402   7269   5681  -1182   2419   9239  13622   8145   8743   4505  Total

Comprehensive Strategy, hedges

Selection list

The list was generated before the July 2 market opening. Price histories, adjusted for splits and dividends, were downloaded from Yahoo:

Stock                          Trend    Hardnose Group and End Market   Exp
-----------------------------  -----  --------------------------------  ---
SINA  SINA Corp                 -75   Internet Services          China  Dec
CCRN  Cross Country Healthcare  -74   Business Services            USA  Dec
CLF   Cliffs Natural Resources  -71   Basic Materials             intl  Jan
AGI   Alamos Gold               -71   Precious Metals             intl  Dec
RKUS  Ruckus Wireless           -71   Computers                   intl  Nov
SQI   SciQuest Inc              -70   Software                    intl  Nov
UTEK  Ultratech Inc             -70   Semiconductors              intl  Nov
MDSO  Medidata Solutions        -69   Information Services    USA/intl  Jan
ATHN  athenahealth Inc          -65   Information Services         USA  Dec
EC    Ecopetrol SA              -65   Oil & Gas               Colombia  Nov
ACXM  Acxiom Corp               -64   Information Services    USA/intl  Nov
AMRC  Ameresco Inc              -63   Business Services          NAmer  Jan
HSTM  Healthstream Inc          -63   Information Services         USA  Dec
EHTH  eHealth Inc               -63   Insurance                    USA  Nov
LNKD  LinkedIn Corp             -59   Information Services        intl  Nov
WAGE  WageWorks Inc             -58   Business Services            USA  Nov
RDEN  Elizabeth Arden           -58   Personal Products           intl  Dec
NTLS  NTELOS Holdings           -57   Utilities, Telecom           USA  Dec
PCYC  Pharmacyclics Inc         -57   Biotechnology           USA/intl  Nov
EGHT  8x8 Inc                   -56   Utilities, Telecom           USA  Nov

Portfolio

The number of hedges required for last month's purchases was one for HCLP plus 1/2 for PII16C130. I purchased SINA12P50 and CLF01P15. CCRN was disqualified because it is in the same group and end market as a stock already being used as a hedge. Purchasing SINA12P50 was a careless mistake because I had already used SINA as a hedge:

Option      Hardnose Group       Qty        Start            End of Month  
----------  --------------------  --  -----------------   -----------------
AEO11P10    Apparel               30  04/10/14    3,632   07/31/14    3,450
ARCO11P10   Restaurants           40  04/10/14    5,239   07/31/14    4,000
BDE11P10    Recreation             7  04/10/14      993   07/31/14      455
CLF01P15    Basic Materials       40  07/02/14    9,027   07/31/14    6,000
DDD11P50    Computers              6  04/10/14    4,651   07/31/14    3,672
DHX11P5     Business Services     60  04/10/14    3,055   07/31/14      600
EC11P35     Oil & Gas             10  04/10/14    2,616   07/31/14    1,750
KOF11P105   Beverages, Soft        4  04/10/14    3,655   07/31/14    1,880
LITB12P5    Retail, Specialty     60  05/02/14    7,855   07/31/14    3,900
MDCO01P25   Drugs                 14  04/10/14    6,221   07/31/14    4,130
NUAN01P15   Software              20  04/10/14    2,744   07/31/14    1,000
NXST11P40   Entertainment         10  04/10/14    6,056   07/31/14    1,550
RAX01P32.5  Information Services  14  04/10/14    7,201   07/31/14    6,160
RNF01P15    Agriculture           20  05/02/14    3,724   07/31/14    1,900
SINA12P50   Internet Services     10  07/02/14    5,349   07/31/14    6,350
SINA01P55   Internet Services      6  04/10/14    5,353   07/31/14    5,970
UTEK11P25   Semiconductors        14  04/10/14    4,569   07/31/14    3,990
VIV11P20    Utilities, Telecom    20  04/10/14    2,840   07/31/14    2,200
WTW01P20    Personal Services     20  04/10/14    9,024   07/31/14    4,300
XXIA11P12.5 Internet Services     30  04/10/14    5,012   07/31/14    6,750

Capital gains

 Oct    Nov    Dec    Jan    Feb    Mar    Apr    May    Jun    Jul  Option
-----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
                                           -182    450   -960    510    AEO
                                           1361      0  -3600   1000   ARCO
                                           -538     35    -70     35    BDE
                                          -1442   -600   -272           BWP
                                                               -3027    CLF
                                           1091  -1272  -2160   1362    DDD
                                          -1555      0   -300   -600    DHX
                                           -616   -300   -300    350     EC
                                           -335  -2040    320    280    KOF
                                                 -1855  -2400    300   LITB
                                           -761  -2590   -350   1610   MDCO
                                            -44   -420  -1280      0   NUAN
                                           -156  -1900  -2500     50   NXST
                                            354  -3100   -296           PPO
                                           2179  -5880   1120   1540    RAX
                                                  -624  -1200      0    RNF
                                                                1001   SINA
                                           2147    390  -2070    150   SINA
                                          -1349    490   2450  -2170   UTEK
                                            -40    300   -500   -400    VIV
                                          -1224  -1600   -400  -1500    WTW
                                           -212    600    300   1050   XXIA
 ----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
                                          -1322 -19916 -14468   1541  Total

Real Estate Fund Strategy

Portfolio

Option          Description      Qty        Start                End       
----------  --------------------  --  -----------------   -----------------
IYR15C64    US Real Estate ETF     3  11/27/12    1,825                    
IYR15C64    US Real Estate ETF     3  12/14/12    1,490                    
IYR15C69    US Real Estate ETF     3  01/25/13    1,225                    
IYR15C68    US Real Estate ETF     3  02/27/13    1,369                    
IYR15C70    US Real Estate ETF     3  03/27/13    1,180                    
IYR15C73    US Real Estate ETF     3  04/26/13    1,195                    
IYR15C73    US Real Estate ETF     3  05/24/13    1,264                    
IYR15C67    US Real Estate ETF     3  06/27/13    1,465                    
IYR15C68    US Real Estate ETF     3  07/26/13    1,450                    
IYR15C63    US Real Estate ETF     3  08/27/13    1,462                    
IYR15C65    US Real Estate ETF     3  09/27/13    1,336                    
IYR15C68    US Real Estate ETF     3  10/25/13    1,330                    
IYR16C65    US Real Estate ETF     3  11/20/13    1,495                    
IYR16C63    US Real Estate ETF     3  12/13/13    1,450                    
IYR16C65    US Real Estate ETF     3  01/27/14    1,294                    
IYR16C69    US Real Estate ETF     3  02/27/14    1,270                    
IYR16C67    US Real Estate ETF     3  03/27/14    1,288                    
IYR16C70    US Real Estate ETF     3  04/25/14    1,180                    
IYR16C72    US Real Estate ETF     3  05/27/14    1,060                    
IYR16C72    US Real Estate ETF     5  06/27/14    1,882                    
IYR16C73    US Real Estate ETF     5  07/25/14    1,912                    

Capital gains

 Oct    Nov    Dec    Jan    Feb    Mar    Apr    May    Jun    Jul  Option
-----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
 3029  -7771  -1900    780   4487   -778   3215   3885   1785   2935    IYR

Easy Strategy

Portfolio

This portfolio is empty.

Capital gains

 Oct    Nov    Dec    Jan    Feb    Mar    Apr    May    Jun    Jul  Option
-----  -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
 4336   3446   2944  -5285   5971    674    -89      0      0      0    SPY