BACKGROUND OF THE INVENITON The present invention generally relates to the field of case and holder devices and more particularly, is directed to a carry holder for portable electronic devices such as cellular and cordless telephones, personal digital assistants (PDAs), MP3 players, portable CD and DVD players and the like. The carry holder may be used to securely and safety hold the portable device to ones arm, waist or other convenient part of the body while walking, running or at rest. BRIEF DESCRIPTION OF THE DRAWINGS The novel features of the present invention will be understood fully and clearly from the following detailed description of the invention as set forth in the accompanying drawings in which: Figure 1 is a front elevational view of the carry holder in accordance with the present invention; Figure 2 is a front elevational view of the carry holder in accordance with the present invention illustrating the final assembly construction of the holder; Figure 3 is a cross-section of the portable electronic device carrier portion of the holder; Figure 4 is a front elevational view of the carry holder in accordance with the present invention illustrating the positioning of a portable electronic device within an open holder; Figure 5 is a bottom view of the carry holder in accordance with the present invention illustrating the presence of a portable electronic device in accordance with Figure 4; Figure 6 is a front elevational view of the carry holder in accordance with the present invention illustrating the holder being used to carry a portable device;. Figures 7 - 9 illustrate a further embodiment of the present invention. DESCRIPTION OF THE PREFERRED EMBODIMENT With reference to the drawings, the carry holder of the present invention will now be described in detailed. As illustrated in Figure 1 , the carry holder includes holder strap 1 and wrist strap 2. In this figure, the carry holder is shown partially disassembled with respect to the lower portion of strap 1. The assembled position of the lower portion of strap 1 is illustrated in Figure 2. In its assembled position, the lower portion of strap 1 is fold over and secured to carrier 3, discussed below, at central point 8. This construction is further illustration in cross-section in Figure 3. Referring again to Figure 1, straps 1 and 2 can be made out of any convenient strap material, including leather, cloth, synthetic materials and the like. The straps are joined together generally in an "T" configuration at a central point 8. The straps can be sewn, glued, stapled or joined by any other suitable bonding method at point 8. Each strap has at its ends Velcro strips 4 and 7 and 5 and 6. Velcro strip 7 is on the reverse side of the strap. Thus, when strap 1 is fitted around a portable device, as illustrated in Figure 6, Velcro strip 4 will mate with Velcro strip 7. When strap 2 is worn around, for example, a user's wrist, Velcro strip 5 will mate with Velcro strip 6 through buckle 9. Buckle 9 may be secured to the end of the strap by looping the strap through the buckle and securing it by a rivet 11. The non-Velcro portion 10 shown in Figure 1 is provided in order to avoid the Velcro interfering with the buckle. The holder device of the present invention also includes a device retainer 3 that helps to securely hold the portable device within the carry holder as illustrated in Figures 4 and 5. Retainer 3 can be made from the same material as straps 1 and 2 and can be joined to straps 1 and 2 at central point 8 using the same method used to join straps 1 and 2 to central point 8. Figure 4 illustrates the positioning of a portable device 15 within the open carry holder. Note that portable device 15 slides into and through retainer 3 to provide lateral support and positioning within the holder. As illustrated in Figure 2, the lower portion of strap 1 is then folded around the portable device and hold in position by Velcro strips 4 and 7 in its final assembly position. Figures 7 - 9 illustrate a further embodiment of the present invention wherein respective Velcro strips 5 and 6 are used to secure the strap on a user rather than a buckle as illustrated in Figure 1. It should be obvious from the above-discussed apparatus embodiment that numerous other variations and modifications of the apparatus of this invention are possible, and such will readily occur to those skilled in the art.