Hi Jurek,

Actually Dubai and Abu Dhabi have been going in the right direction for me over the last two years with rents, which is my biggest single overhead, dropping very nicely thank you. Leaves more money in my pocket for spendies. Home prices have not quite stopped dropping and I may just invest some lolly there should it fall much further. There is a lot of inventry coming to market over the next six months and this will surely send prices down further.

In my estimation your point about the market bubble is spot on and I have already pulled the trigger and am 85% back in cash. The other 15% is not CLL of course. Maybe I am too soon but there are some pointers to pullback already long overdue. One guy I follow seems to spell it out nicely. Sentiment indicators are high, close to 60 and above 55 for several weeks. Mutual Funds are fully invested and bullish with cash levels at only 3.6%. Stocks are hitting 52 week highs then close down for the week. The majority of analysts are predicting a move higher from here. Everything looks to be chugging along nicely. We have entered danger territory and for me it seems to be a question of when and by how much it will pullback. Will it happen soon I don't know and don't care really. I will be patient and wait.

Overall I am long term bullish (5 years) but this year I am treading carefully. As far as CLL is concerned it is a very good trading stock going in and out whenever I get the oportunity. Of course I am not getting the exact lows and highs but I am very proud of my sell at 1.8 earlier, however I misjudged the 1.5 top in August banking a little too early. Perhaps I have done it again with my latest sell however the money is in the bank which is the main thing. Will I miss the train when it leaves the station? Possible or even probably, however as long as I don't lose money I am very happy.

CLL have at least started down the correct road as far as paying down debt is concerned and they just need to catch a couple of breaks for a change and they could be a decent outfit. I dont think the time for buy and hold is yet upon us however so I will continue to look for volitility in the near term and try to exploit the same.

Cheers

Den