MER slingshot stock (long term)

1/04/08
LONG term holding in Merrill Lynch (MER)using protective options until there is some stability. Will guard the downside like a hawk but keep the upside ready for the sky! will do this by using the Sling Shot hedge:
bot +100 shares of MER @49.89
sold -2 verticle FEB08 55/60 CALL @.90
bot +1 PUT FEB08 50 strike @3.40
total debit 51.49 cost basis
total risk on trade is only $150 till FEB08 upside is unlimited.
Earnings 1/17

2/12/08
rolled the FEB08 50 PUT to MAR08 50 PUT for a 2.15 debit (sold feb@.40 & bot mar@2.55)
btc 1 55/60 call FEB @ .18 (mark 50.96)
btc 1 55/60 call FEB @ .08
average .13 each originally sold for .90 each
realized gain .77 per contract (2) = 1.54
inventory balance for FEB = (-1.46 loss) 3.00 loss on the put and 1.54 gain on the 2 verticles

MAR inventories
bot 1 MAR 50 PUT @ 2.55
3/10/08
sold 1 MAR 50 PUT @7.05
net gain +4.50
sold 1 MAR 55/57.50 CALL @ .85 placed 2/12
sold 1 MAR 55/60 CALL @1.57 placed 2/13 (mark 52.78)
3/7/08
btc both verticals for .15
2.12 total net gain
6.62 total net gain for MAR inventories
6.62 - 1.46 (loss in Feb) = +5.16 new balance going into APR inventories

APR inventories
bot 1 APR 42.50 PUT @4.00 (mark 43.08)
4/07/08 STC 1 APR 42.50 PUT @1.00 (mark 47.47)
loss -3.00
sold -2 APR verticals 50/55 CALL @1.00
3/31/08
btc +1 APR vertical 50/55 CALL @0.38
net gain on (1) contract = +0.62
4/15/08
btc +1 APR vertical 50/55 CALL @.10
net gain on (1) contract = +0.90
APR results in a -1.48 loss
+5.16 - 1.48 = 3.68 profits from option inventories
MAY inventories
bot 1 MAY 45 PUT @3.01 (mark 47.47) 4/7/08

sold -1 MAY 50/52.50 CALL vertical @.56 credit (mark 44.41)
sold -1 MAY 50/52.50 CALL vertical @.44 credit (mark 42.89)4/15/08