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Overnight we are seeing a little bounce from yesterdays 1325 low in the S&P, market currently at 1337.  This is problematic in terms of being a buyer at 1320, volatility is too low for this to be a bottom.  We will put out comments when we see something worth doing.  Our positions are essentially neutral in our portfolios.

The energy sector remains hot.  The Global intelligence company Stratfor is pointing out that the administration is expanding strategic reserve capacity and filling it, is this setup previewing a run against Iran?   The Bush global initiative continues.

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