That said, I have added a lot of…

All right, well we’ve breached the DJIA 12k mark and are trading at 11980, and I’m stepping up the buying this morning.  Common stock in Celestica and Cypress for now.  Let’s be clear that I don’t know what will catalyze a turn back higher in this market and it could take days — or I could be wrong entirely about looking for a 5-10% near-term rally from here.  I’m building long-term positions and we can and will use these pullbacks in many of our stocks to continue to build them, regardless of whether the DJIA hits 11.5k or 12.5k. That said, I have added a lot of calls at these levels lately, which even though the calls are dated from six to eighteen months out, mean that I’m obviously looking starting to look more aggressive about the near-term too, as I’ve noted in the last week or so.

I often remind you guys that the hardest trade to make is usually the right one and buying now as we crack below 12k is certainly hard.  Stick with the gameplan.  And let’s make some hard trades.

It’s Friday and it’s summer, but we’ve got 15% of the trading week left, so let’s hit this.

Back in a bit.