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[Cirrus]

I owned HUN and VAL going into today but just added about a dozen chemical stocks as a basket. They were HAMMERED early this year but now selling for well below market multiples, some insider buying AND feedstock prices are in a freefall which will help them a lot. They are really kicking WRT short term relative strength VS SPX. I did add to XOP short and really regret taking a little off my NG equity shorts. I'm hoping for a rally to add back in. I think its about picking the right stocks. I would bet several of these names go bankrupt in the next 24 to 36 months....maybe sooner. The market is a difficult call but it sure feels like we can test the May 2011 highs. We are finally getting a little bet of weakness in bonds. When you combine bond market flows to stocks and HF sideline cash, this IT rally may carry further than most think. VIX and some basic internal stuff also supports more upside. Trying to stay open minded....but it's going up.

Edited by Cirrus, 19 January 2012 - 01:44 PM.