Movin' On Up

Portfolio Breakdown:
KFN - 67.2%
YRI - 4.7%
PHM - 4.5%
BAC - 4.4%
PRGN - 12.4%
APP - 11.4%
CAD Cash - (2.7%)
USD Cash - (1.9%)

Portfolio Performance:
Return Since Last Update - 24.3%
Return Since Inception - 58.5%
S&P 500 - 979.73
S&P 500 Return (June 30) - 6.6%

USD/CAD - 1.0788

The Prior Week of Trading:
I sold half my BAC and PHM positions into strength in the sector and the market; banks and homebuilders have both outperformed as of late and I believe would be the hardest hit in a correction phase. I am bullish longer term on the banks and the market as a whole, but it is getting hard to ignore how overbought conditions appear to be when considering various technical and fundamental indicators. I added to my PRGN position ahead of earnings scheduled for Aug 11; this company has a great EPS track record and should look to improve with continued improvement in the Baltic Dry Index. KFN still remains as an unusually high portion of my portfolio, this is due to it's recent exceptional performance, not because of additional purchases. KFN is still well below my price target for the near term of $4 and thus remains a very attractive hold in my portfolio. I will look to diversify this position at the earliest possible opportunity.