Final Allocations

Bought back LUMI as well as increased marginally in PARE. The latter literally exploded today as Carnegie upgraded the stock. This is despite lower oil prices.

I also bought back the short ES hedge. This position has clearly highlighted the problem with betting against the stock market drift.

Placing a Bet on Macau

Bought some MPEL today close to all time low for the stock which coincidence with the much awaited opening of Crown Macau. Macau experienced some 46% revenue growth year over year for the first quarter of this year. Melco is the only Macau pure play available and I think long term investors will be well awarded. TheStreet.com has some more in-depth coverage of the stock for the interested.

In other news; WFR will be added to the S&P 500. For the broad market I think it is very healthy to see some selling, I can't remember when I last saw a 17 point drop in the S&P futures. Google is a under-performer that is showing some strength.

Two Trades

Sold off LUPE and Vostok today as I am reassessing my holdings for the long term. Needless to say LUPE's performance has been lackluster.

One New Name

Participated in the Interactive Brokers Dutch auction IPO. I really like this stock as much as I like the company. Technology driven all the way from the top will keep the competitors behind. In fact in a sense Google-sque. Plus 4% for the first day must be regarded as modest.

I scale in to MEMC during the slaughter, it is now paying off. In this case JP Morgan represents the smart money adding the stock to the focus list during the panic.

Also notable today was Goldman Sachs run-up, approaching $230...