Holding Steady

Portfolio Breakdown:
APP - 6.3%
BAC - 13.0%
TBT - 13.7%
ITUB - 11.0%
AOB - 10.0%
COIN - 2.6%
COINU - 1.8%
TAMB - 20.7%
RIMM - 8.7%
HOGS - 13.7%
SDX - 6.1%
OCNF - 3.6%
BP - 7.0%
MBI - 18.0%
TRLG - 8.0%
CAD Cash - 6.7%
USD Cash - (50.9%)

USD/CAD - 1.026

Portfolio Performance:
Return Since Last Update - 6.75%
Return Since Inception - 216.87%
S&P 500 - 1136.03
S&P 500 Return (June 30, 2009) - 23.63%

The Prior Week of Trading:
Its funny how Wall St. sentiment can seem to change on a dime; the indices have drifted up on light volume for the past few weeks and it seems as though the prospect of eventual economic recovery was leading the charge. Although, today was a bit different; Intel reported a blowout quarter last night but was greeted with the Bronx cheer as trading began this morning. It seems as though Intel (and the sector) may be a bit tired, as possibly the broad market. JP Morgan reported results that were light on revenues and served to bring down that stock and the industry as a whole. So, is the market tired and poised to double dip... or is this just a small pullback amidst a cyclical bull? Based on one day of trading, only the most foolish amongst us will try to offer a convincing opinion. Given that the path of least resistance has been higher, I will wait until the market decides to ignore the good news and pull back before I get defensive. In the meantime I can do some small things to add protection like writing some covered calls or trimming those positions closest to my price target. I sold out of TBV, a stock I had reentered a couple weeks ago after a quick gain of about 30%; I still think this stock has room to the upside, but am more hesitant about this position as compared to some of my others. MBI has continued its strong performance and I will look to trim this holding if/when it enters the $6 range; I see $7 as possible resistance but will continue to hold MBI as long as the trend line stays in tact.