Tuesday, December 6

We took no moves today – our portfolio is now strongly bullish in the short term. We are still considering a position in Chesapeake Energy (CHK), but as we predicted yesterday they gave back most of last weeks gains and it’s unclear when a turnaround will come.

Until then we are closely monitoring our position in GE as we investigate the outcome of their divestiture in GE Capital, which will somewhat reduce free cash flow but otherwise streamline their business as a whole.

Yesterday we also took a position in COTY, which appreciated 1.8% today and we expect to continue to move up at least another 1% this week for a gain around 3% or $1.00/share.

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