Mr. Market threw participants a good trading environment today as sectors such as semiconductors, networkers and the entire general small cap environment was ripe for the taking. It was the type of environment we have been expecting since the tape turned tricky last week. Despite a confirmed Osama tape, the major averages all finished in the green, increasing our faith in US patriotism, at least those who trade stocks.

Earnings season is starting to pick up and the environment is sure to remain tricky. If you haven’t updated your list of when your holdings report, we encourage you to do so immediately. Nothing is worse than a surprise report.

The market is throwing up some caution flags in the leadership camp as oil and gold continue to be strong. We have already relayed our thesis on Gold but the strength in oil could start to become an issue should it continue. We’ll be keeping a close watch on this.

We put some capital to work today and will continue to cycle through the portfolio kicking out the laggards or booking profits and always replacing with new fresh names.

This is the environment we enjoy as traders but one must not throw caution to the wind as things could change very quickly.

Have a good evening.