Were back after a week on vacation and rather pleased with this market! Of the ETF’s we track, the strongest are FAA, KOL, TAN, SEA, EWO, MOO, FXI, XME, GUR, GDX, OIH. All are up over 1.5% after a dip on the opening. The news was very strong last week and yesterday, but is mixed today, with factory orders offsetting a weak housing report. Coals are moving strongly, as are emerging Europe and Asia. We think sentiment is bullish, but remain sensitive to the changes this month.

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