Hi Ludwig,

I am with you on the Greece situation. This is just getting better and better. Their 2 years Bond yields 18%. Just unbelievable. Yesterday the Portugal got downgraded as well. Two more to go (Spain and possibly Ireland --so call PIGS). I put back some chips on the Ireland Bank ( AIB ). NAVPs about $8. It is trading below $4 (will have to do the financing soon). Just 5% of my portfolio.

I can not believe that some people have such a short memory and think that default of Greece debt will have no effect on the financial system around the World. Lehman Brothers was a very small US investment bank. It almost collapse entire financial system. Being naive is one thing but ignoring of what happen just 18 months ago is unbelievable.

I agree about the general market conditions effecting the CLL SP. CLL is High Beta (1.6) stock. This mean that the CLL SP will react to the market volatility much more then the Index will, regardless of the Algar progress.

Another bet I did recently is the natural gas. I bought HNU (double bull ETF) and two gassy income trust (which pay over 10% income). NG prices in (North America) were depressed for long time and are close to the resistance level. A lot of recommendations on this one. This I believe, maybe be a short (1 to 3 months) but substantial move (30 to 50%). Long term, there is plenty of the NG in Canada and US. Hopefully tomorrow we will get the brake up over $4.4. If not I am ready to pull the trigger on the small profit i have on this trade.

http://futuresource.quote.com/charts/charts.jsp?s=NG%20M0&o=&a=D&z=800x550&d=HIGH&b=bar&st=BOLL%2820%2C2%29%3BMACD%2812%2C26%2C9%29%3BRSI%2814%29%3B

Good luck, Jurek