HON - Honeywell has $3.6B sitting in cash while Congress is politically hamstrung. Seems like enduring a lower dollar and rates simultaneously following a 401K crash are quite a bit of punishment for the boomers with fixed income but perhaps insufficient for a Congress that's looking to cut SS benefits as well?
Adding to GDXJ at $39.59; now at about 1/15 of portfolio. With GDXJ underperforming Gold in general, I believe people are skeptical that gold will continue to rise. As long as Euro countries keep getting in trouble with their debt and austerity measures do nothing to calm fears, the ECB will be moving closer and closer to issuing Euro Bonds which will cause gold to go higher and higher. If gold continues to rise I think GDXJ will rise faster than the metal because people will see that gold isn't dropping as expected. So there will be a catchup point at some time here very soon where GDXJ will skyrocket. That's my thinking at least...
KCLI - Finally got into this serious value play today at $30.10. Thanks for that one BB. The stock is having a bad day today and the two previous sessions.
CP > Yeah its probably at the knife catching stage right now...but the longer term chart still looks bullish on cotton.
Man I'm finding it hard to really be bullish on anything right now. I'm hoping we can get a sustained rally to the 1,320-1,330 level because I will probably look to short again.
Cotton, I really have no idea, all I know is some fields in southern US were flooded and Texas has been dryer than a popcorn fart. No crop in Tx., I can guarantee you.
Gold - I think we could see $1628 in the near future but if you don't sell there you'll be gnashing your teeth (assuming you still have teeth). From there the pullback level isn't clear to me, perhaps $1500?
Frankly, I wasn't anticipating much more than $1600 and so had no plan beyond that aside possibly from shorting at some point, but technically speaking, $1628 is the target.
$1500 - miner reload time comes depending on circumstances, I think.
Yeah, otherwise much of everything else looks questionable to me but I'm sure there are some that can/will rise.
So I still think there's a chance we rally in the fall here...we still have some things that I consider to be very bullish for the markets: IPOs from major private tech firms. I think we need to first break down to the 1,220 level and get all of the scared bulls out of the mix before we can do that though. So I could see a short jump up to 1,320-1,330ish then a fall to 1,220 at which point we make a final bull run here up to 1,400-1,450.
SHAW - Nope, I'm just looking at the chart. Balance Sheet - Doesn't seem like their margins are anything to rejoice over, probably dead money aside from maybe a short rally.
Anyway, I'm just watching out of curiosity, no plan to take a position.
LONDON—Glencore International PLC is to buy a 70% stake in a Peruvian project for $475 million, its latest acquisition since listing last month and a move that expands its portfolio in the South American country to include copper.
The commodities giant said Monday that its subsidiary Glencore International AG has conditionally agreed to acquire ..."
Earnings season seems good to me so far. Stocks are still cheap and if earnings continue like this, this should be the catalyst to drive stocks higher.
Picked up 3 smallcap energy companies yesterday, all beaten down and good value.
Back in FAS at $22.85. My thinking is XLF looks to have bottomed out or is at a low risk entry where i would stop myself out just below the support here. also, housing appears to have bottomed.
"For those thinking the housing starts were good. Think again as most of them were in multi family housing et al Apartments." That's what I read this morning...
Does it really matter? The fact they're not going down is a positive for housing and financials.
I opened a very large position in FAS this morning at $22.85 avg
Hi All! I am back in US now, currently in Florida, will be back in CA tonight. Still living on Moscow time -- woke up at 5am EST, was swimming in the ocean by 6am. The water in Miami is amazingly warm -- 86F!
Didn't do much with my positions while I was away. I set a sell limit order at $10 for the two July $65 calls I purchased on MON at $5 a couple of months ago, and that limit was a couple of weeks ago netting me a gain of 1K. Also, my DB puts didn't disappoint me, netting me a 2K gain by last Friday, when I manually sold those puts (didn't have enough buying power in my accounts to receive short positions in DB if I let those options exercise). Naturally, I was somewhat disappointed on Monday when DB pluged even more, but it could have shot up just as well, since the downside momentum seemed to be over last week.
The 20 $5 calls I had on GMO expired worthless for a loss of $600. On the other hand, the 10 $4 calls I had on GMO were exercised, giving me another 1K shares with a cost basis of $4.80. I now have about 15% of my portfolio in GMO. In order to do some "smart" trading with it (selling options instead of buying them), I just placed a sell to open limit order for 10 September $5 calls at $0.35, so as to bring down the cost basis of the 1000 shares I purchased during OpEx to $4.45. Let's see if that order gets hit today (GMO is up nicely so far, but the Sept $5 call option prices have not changed since yesterday...
How have you guys been doing?
2nd_ave -- are you still 100% long?
TOF: do you still have a large position in MITK? It is up nicely in the past month -- congratulations!
Are there any other interesting investments that you guys have identified?
My bet with ECU reaching $2.25 before the end of 2012 still stands, but hopefully 2nd_ave and T3d you will allow the name of the company to be changed (if the ECU-AUMN merger goes through) to AUMN. So the modified bet is that AUMN reaches $45 before the end of 2012 (since $20 on AUMN is equivalent to $1 on ECU). Is that OK with you?
David - Welcome home, hope you and yours had a great trip!
I'm still long GMO waiting for a pullback, the state engineer reaffirmed water rights and we're waiting to see Eureka County's response in tomorrow's Council meeting. There's a groundwater monitoring program called 3M they seem to be working out the details on. Draft Environmental Impact Statement for public comment is still pending, but considering the BLM has gone through this same procedure for numerous other mines, shouldn't be anything to it, IMO. I think GMO runs if/when Eureka County gives the thumbs-up. Molybdenum prices seem to have bottomed.
Otherwise maybe we get a better price?
$4.10 to $4.58 has been the trading range for quite a while, it seems.
David - Nice to hear from you! Nice to see things are working out investing wise.
I'm no longer in MITK...I found "more enticing" positions in NLS + COOL that worked well but not as well as MITK. I had too much risk in it and wanted to lower the risk levels given what I think is a lower return market going forward. MITK should be just fine tho
Compiled a new screen for oil and gas producers, mostly smaller USA companies with one Canadian thrown in. I hold MRO, BEXP, PXD, GEOI. Close to 100% cash now and still holding several other stocks including MITK and, sorry to say, RBY.
Thank you, CP, for the GMO update. Are you still in GPL? It has done amazingly well since the bottom in PMs, unlike ECUXF that only rose from $0.7 to $0.95...
OK, off to the airport now -- have a good day today!
David - I switched over from GPL to SVM on a day when SVM had oversold. I prefer SVM's balance sheet.
GPL is struggling with this $4 level, it seems the earnings report wasn't quite as inspiring as was anticipated and Mexican drug lords attacking smelting operations make me nervous. I think I read something where they've acquired new property...
Welcome back David, I hope you enjoyed your travels.
Well ECUXF certainly threw us a knuckle ball. You said, "My bet with ECU reaching $2.25 before the end of 2012 still stands, but hopefully 2nd_ave and T3d you will allow the name of the company to be changed (if the ECU-AUMN merger goes through) to AUMN. So the modified bet is that AUMN reaches $45 before the end of 2012 (since $20 on AUMN is equivalent to $1 on ECU). Is that OK with you? "
Personally, I think you lost, as ECUXF agreed to be bought out at (.92?, do not know the price.)if the merger goes through. If the merger is completed ECUXF ceases to exist in its current form and is taken out below $2.25.
Anyway I'll give some thought to your proposal after all it is only a $50 bottle of Nadurra which I probably will not drink.
Birinyi's take makes perfect sense to me....think about the investing public for a second. We all know that everyone is skeptical of the government and the bull market. You can read it posts on every single blog or article posted that leans bullish. People hate being positive. However, if we break through 1,370 and go to 1,400 I would have to think that the public finally starts accepting things are getting more positive and they slowly being putting money into the market. So you can definitely see a case where we get to the levels he is projecting given just how much pessimism is out there. Who really knows for sure where we go? No one, but his case sounds just as plausible as any I've heard.
Look at how much has been thrown at the market over the past week or two, yet we're not breaking down. And on the positive side, I don't think many people are admitting to the fact that a lot of the housing reports are getting better and better. If this trend gets stronger, as Buffett mentioned he thinks it will, then all of a sudden we have a whole new booster to the bull market. Banks get in the mix and then people start chasing things...only time will tell but it doesn't seem out of the realm of possibility.
Thanks Mark, most likely its a $5-7 asset if gold market holds up so do not lose sight of this one. BEXP is quite strong, do you know anything about CRED or CPNO?
You know what is really strange to me is RBY has drill results of something like 15-17 gpt while MDW has results like .64-2.70 gpt and it rips while RBY tanks. This makes no sense to me, I wish I understood all this more.
The other key point is the market is now a stock picker's market which I believe is also true. There are way better values and growth opportunities in the market if you start looking outside the stocks in the popular ETF's. I think hard work will be rewarded this period.
Housing - I think perhaps a reasonable gauge of the direction of real estate might be found in PM's, because if real estate does begin recovering, then there should be no need to keep devaluing currencies for the sake of rescuing bankers balance sheets from falling off a cliff.
The second reason currencies are feeling negative pressure relates to normalizing governmental debt which, if economies begin recovering, wouldn't be so necessary either.
SRS - Certainly no breakout happening there yet, is there?
What we need is employment, and for that to happen, corporate "America" must have some degree of confidence in their cost analysis forecasts.
ReplyDeleteHON - Honeywell has $3.6B sitting in cash while Congress is politically hamstrung. Seems like enduring a lower dollar and rates simultaneously following a 401K crash are quite a bit of punishment for the boomers with fixed income but perhaps insufficient for a Congress that's looking to cut SS benefits as well?
ReplyDeleteWonder where all this could possibly be leading?
MDW sold all
ReplyDeleteFast spike up for seven days demands that I do this. Its also the hard thing to do.
Looking to reenter on p-backs.
The market almost always gives us an opportunity to get out of bad positions. This chance was possibly in the last 10 days.
ReplyDeleteThe problem is, I'm I too blind to see.
http://www.youtube.com/watch?v=X4-a8zh0m9c
Adding to GDXJ at $39.59; now at about 1/15 of portfolio. With GDXJ underperforming Gold in general, I believe people are skeptical that gold will continue to rise. As long as Euro countries keep getting in trouble with their debt and austerity measures do nothing to calm fears, the ECB will be moving closer and closer to issuing Euro Bonds which will cause gold to go higher and higher. If gold continues to rise I think GDXJ will rise faster than the metal because people will see that gold isn't dropping as expected. So there will be a catchup point at some time here very soon where GDXJ will skyrocket. That's my thinking at least...
ReplyDeleteBOVA - "Bank of Virginia CFO to resign in August Briefing.com +15.61%"
ReplyDeleteI bought a little GMO after the halt the other day. One has to be un-impressed with its reaction.
ReplyDeleteStill it trades like MLKKF which is a moly play so maybe its just the sector for now.
LT still looks interesting.
TOF, you could very well be right. BTW, great trading of late as usual for you.
XLF looking like a false breakdown...time to buy...buy limit starter position on FAS at $22.65
ReplyDeleteThanks T3D...always enjoy your posts....feel free to post more.
ReplyDeleteIf XLF can get over the 14.64 level on the close I might take a relatively large position in FAS
ReplyDeleteKCLI - Finally got into this serious value play today at $30.10. Thanks for that one BB. The stock is having a bad day today and the two previous sessions.
ReplyDeleteLong FAS at $22.6
ReplyDelete"XLF looking like a false breakdown..."
ReplyDeleteShort a false breakdown, I guess I missed something there.
CP > Fas is double long...stop is below today's low.
ReplyDeleteCDTI - "Platinum Plus(R) fuel-borne catalyst"
ReplyDeleteChicken dinner or money hole?
FAS - Duh, I was thinking FAZ...
ReplyDeleteCotton: Wasn't it just like 5 months ago we thought Cotton prices were going to kill NKE etc? Look at BAL...prices down almost 50%. Buy?
ReplyDeleteCotton - There'll be no cotton from West Tx. this year, I can guarantee that. Don't know about rest of the world.
ReplyDeleteSHAW - Anybody feel like catching this knife?
ReplyDeleteCP > Yeah its probably at the knife catching stage right now...but the longer term chart still looks bullish on cotton.
ReplyDeleteMan I'm finding it hard to really be bullish on anything right now. I'm hoping we can get a sustained rally to the 1,320-1,330 level because I will probably look to short again.
That is, except for gold which looks like it is setting up for a parabolic move higher.
ReplyDeleteCotton, I really have no idea, all I know is some fields in southern US were flooded and Texas has been dryer than a popcorn fart. No crop in Tx., I can guarantee you.
ReplyDeleteGold - I think we could see $1628 in the near future but if you don't sell there you'll be gnashing your teeth (assuming you still have teeth). From there the pullback level isn't clear to me, perhaps $1500?
Frankly, I wasn't anticipating much more than $1600 and so had no plan beyond that aside possibly from shorting at some point, but technically speaking, $1628 is the target.
$1500 - miner reload time comes depending on circumstances, I think.
Yeah, otherwise much of everything else looks questionable to me but I'm sure there are some that can/will rise.
Made it back for the close and headed right back out. Ended the day green, so happy about that.
ReplyDeleteGMO- Man, I guess the water rights were priced in. I'll follow CP's lead on this one.
"I'll follow CP's lead on this one."
ReplyDeleteHa, the blind leading the blind! Well, my plan remains the same, adding to my position if they sell it down to $3 or below.
Actually, it looks to me as though molybdenum may have put in a bottom.
SHAW - Take a look at this chart and note the extreme pinch, along with the green +DI well under 10.
ReplyDeleteDoesn't mean it can't fall a bit from here, but it's severely oversold according to my limited understanding of these indicators:
http://stockcharts.com/c-sc/sc?s=shaw&p=D&yr=0&mn=7&dy=0&i=p99295968853&a=217994610&r=7736
http://www.newyorker.com/reporting/2011/07/25/110725fa_fact_cassidy
ReplyDeleteSo I still think there's a chance we rally in the fall here...we still have some things that I consider to be very bullish for the markets: IPOs from major private tech firms. I think we need to first break down to the 1,220 level and get all of the scared bulls out of the mix before we can do that though. So I could see a short jump up to 1,320-1,330ish then a fall to 1,220 at which point we make a final bull run here up to 1,400-1,450.
TTM - Here's that same chart for TTM, for comparison purposes:
ReplyDeletehttp://stockcharts.com/c-sc/sc?s=ttm&p=D&yr=0&mn=7&dy=0&i=p99295968853&a=217994610&r=7736
SHAW- Any idea how much of their Rev. is outside of nukes?
ReplyDeleteS&P - Are we forming the right shoulder of an inverse H&S with head mid June?
ReplyDeleteSHAW - Nope, I'm just looking at the chart. Balance Sheet - Doesn't seem like their margins are anything to rejoice over, probably dead money aside from maybe a short rally.
ReplyDeleteAnyway, I'm just watching out of curiosity, no plan to take a position.
CP- OK. That one would have taken some serious arm twisting.
ReplyDeletePMI - Going for a triple bottom, or will it fall under $1?
ReplyDelete"Glencore Buys Peruvian Copper Stake"
ReplyDeleteJuly 18 "BY ANDREA HOTTER
LONDON—Glencore International PLC is to buy a 70% stake in a Peruvian project for $475 million, its latest acquisition since listing last month and a move that expands its portfolio in the South American country to include copper.
The commodities giant said Monday that its subsidiary Glencore International AG has conditionally agreed to acquire ..."
Good luck on KCLI illini.
ReplyDeleteEarnings season seems good to me so far. Stocks are still cheap and if earnings continue like this, this should be the catalyst to drive stocks higher.
Picked up 3 smallcap energy companies yesterday, all beaten down and good value.
FAS off premarket at $22.9
ReplyDeletePretty solid buying still.
ReplyDeleteSold my GDXJ at $39
ReplyDeleteBack in FAS at $22.85. My thinking is XLF looks to have bottomed out or is at a low risk entry where i would stop myself out just below the support here. also, housing appears to have bottomed.
ReplyDeletePMI - Is that a bottoming pattern? I have serious doubts.
ReplyDelete"For those thinking the housing starts were good. Think again as most of them were in multi family housing et al Apartments." That's what I read this morning...
ReplyDeleteDoes it really matter? The fact they're not going down is a positive for housing and financials.
I opened a very large position in FAS this morning at $22.85 avg
Hi All! I am back in US now, currently in Florida, will be back in CA tonight. Still living on Moscow time -- woke up at 5am EST, was swimming in the ocean by 6am. The water in Miami is amazingly warm -- 86F!
ReplyDeleteDidn't do much with my positions while I was away. I set a sell limit order at $10 for the two July $65 calls I purchased on MON at $5 a couple of months ago, and that limit was a couple of weeks ago netting me a gain of 1K. Also, my DB puts didn't disappoint me, netting me a 2K gain by last Friday, when I manually sold those puts (didn't have enough buying
power in my accounts to receive short positions in DB if I let those options exercise). Naturally, I was somewhat
disappointed on Monday when DB pluged even more, but it could have shot up just as well, since the downside momentum seemed to be over last week.
The 20 $5 calls I had on GMO expired worthless for a loss of $600. On the other hand, the 10
$4 calls I had on GMO were exercised, giving me another 1K shares with a cost basis of $4.80. I now have about 15% of my portfolio in GMO. In order to do some "smart" trading with it (selling options instead of buying them), I just placed a sell to open limit order for 10 September $5 calls at $0.35, so as to bring down the cost basis of the 1000 shares I purchased during OpEx to $4.45. Let's see if that order gets hit today (GMO is up nicely so far, but the Sept $5 call option prices have not changed since yesterday...
How have you guys been doing?
2nd_ave -- are you still 100% long?
TOF: do you still have a large position in MITK? It is up nicely in the past month -- congratulations!
Are there any other interesting investments that you guys have identified?
My bet with ECU reaching $2.25 before the end of 2012 still stands, but hopefully 2nd_ave and T3d you will allow the name of the company to be changed (if the ECU-AUMN merger goes through) to AUMN. So the modified bet is that AUMN reaches $45 before the end of 2012 (since $20 on AUMN is equivalent to $1 on ECU). Is that OK with you?
SVM - Retesting 200SMA, will it fail? I think yes, there are gaps up that need closing and this leg of the PM run is running outta steam for now.
ReplyDeleteS&P - I'm still wondering if that's an inverse H&S I'm lookin' at...
MARK TZOO C+H. Thank You
ReplyDeleteDavid- Welcome back! There's been no change in my positions.
ReplyDeleteDavid - Welcome home, hope you and yours had a great trip!
ReplyDeleteI'm still long GMO waiting for a pullback, the state engineer reaffirmed water rights and we're waiting to see Eureka County's response in tomorrow's Council meeting. There's a groundwater monitoring program called 3M they seem to be working out the details on. Draft Environmental Impact Statement for public comment is still pending, but considering the BLM has gone through this same procedure for numerous other mines, shouldn't be anything to it, IMO. I think GMO runs if/when Eureka County gives the thumbs-up. Molybdenum prices seem to have bottomed.
Otherwise maybe we get a better price?
$4.10 to $4.58 has been the trading range for quite a while, it seems.
David - Nice to hear from you! Nice to see things are working out investing wise.
ReplyDeleteI'm no longer in MITK...I found "more enticing" positions in NLS + COOL that worked well but not as well as MITK. I had too much risk in it and wanted to lower the risk levels given what I think is a lower return market going forward. MITK should be just fine tho
GMO - Reaffirmed water permits last Friday, that is.
ReplyDeleteCompiled a new screen for oil and gas producers, mostly smaller USA companies with one Canadian thrown in. I hold MRO, BEXP, PXD, GEOI. Close to 100% cash now and still holding several other stocks including MITK and, sorry to say, RBY.
ReplyDeletehttp://www.finviz.com/screener.ashx?v=111&t=CRK,GMXR,PVA,COG,PETD,SD,MMR,CRED,LINE,HK,WLL,XEC,CHK,DVN,ECA,EOG,APC,XTO,SWN,FST,GEOI,PXD,BEXP,KOG,NFX,DNR,CXO,MRO,PXP,UPL&o=-marketcap
SHAW - Still watching out of curiosity, not buying.
ReplyDeleteSVM - Speaking of C&H, SVM looks like one to me...
ReplyDeleteThank you, CP, for the GMO update. Are you still in GPL? It has done amazingly well since the bottom in PMs, unlike ECUXF that only rose from $0.7 to $0.95...
ReplyDeleteOK, off to the airport now -- have a good day today!
Good to have you back David. I'll fill you in later.
ReplyDeleteGot to run!
David - I switched over from GPL to SVM on a day when SVM had oversold. I prefer SVM's balance sheet.
ReplyDeleteGPL is struggling with this $4 level, it seems the earnings report wasn't quite as inspiring as was anticipated and Mexican drug lords attacking smelting operations make me nervous. I think I read something where they've acquired new property...
"Close to 100% cash"??? Mean't to say 0%. I'm not use to saying that!
ReplyDelete100% cash - Was wondering how you managed to be 100% and hold so many positions. Nice trick, teach me! ;)
ReplyDeleteI gotta run some errands, scream at you guys later!
Welcome back David, I hope you enjoyed your travels.
ReplyDeleteWell ECUXF certainly threw us a knuckle ball. You said, "My bet with ECU reaching $2.25 before the end of 2012 still stands, but hopefully 2nd_ave and T3d you will allow the name of the company to be changed (if the ECU-AUMN merger goes through) to AUMN. So the modified bet is that AUMN reaches $45 before the end of 2012 (since $20 on AUMN is equivalent to $1 on ECU). Is that OK with you? "
Personally, I think you lost, as ECUXF agreed to be bought out at (.92?, do not know the price.)if the merger goes through. If the merger is completed ECUXF ceases to exist in its current form and is taken out below $2.25.
Anyway I'll give some thought to your proposal after all it is only a $50 bottle of Nadurra which I probably will not drink.
Again welcome home.
http://finance.yahoo.com/blogs/breakout/p-500-going-2-000-laszlo-birinyi-120034902.html
ReplyDeleteBirinyi's take makes perfect sense to me....think about the investing public for a second. We all know that everyone is skeptical of the government and the bull market. You can read it posts on every single blog or article posted that leans bullish. People hate being positive. However, if we break through 1,370 and go to 1,400 I would have to think that the public finally starts accepting things are getting more positive and they slowly being putting money into the market. So you can definitely see a case where we get to the levels he is projecting given just how much pessimism is out there. Who really knows for sure where we go? No one, but his case sounds just as plausible as any I've heard.
Look at how much has been thrown at the market over the past week or two, yet we're not breaking down. And on the positive side, I don't think many people are admitting to the fact that a lot of the housing reports are getting better and better. If this trend gets stronger, as Buffett mentioned he thinks it will, then all of a sudden we have a whole new booster to the bull market. Banks get in the mix and then people start chasing things...only time will tell but it doesn't seem out of the realm of possibility.
TOF- Makes sense to me too. Hard for me to buy into the housing side of it though. Probably too close to it.
ReplyDeleteT3D- You killed MDW man. Congrats!!
BAC/WFC....Wow, talk about the tale of 2 cities.
ReplyDeleteSPX 1325 is a pivot for me.
ReplyDeleteThanks Mark, most likely its a $5-7 asset if gold market holds up so do not lose sight of this one. BEXP is quite strong, do you know anything about CRED or CPNO?
ReplyDeleteYou know what is really strange to me is RBY has drill results of something like 15-17 gpt while MDW has results like .64-2.70 gpt and it rips while RBY tanks. This makes no sense to me, I wish I understood all this more.
T3D- No. Is there a play between them?
ReplyDeleteTOF- Yeah, I have to admit right now it looks like a bottom is being put in place.
Man, the market is really ripping right here. Blew right through my pivot, so buy stops must be getting nailed.
ReplyDeleteTOO Fing FUNNY! Take a look at ALU! It gaped ABOVE yesterday's down gap.
ReplyDeleteMark > I think a long in FAS could return 60 to 80% in 6 months if the housing rebound continues...I currently have a very large position in it...
ReplyDeleteTBT....Juuuuust around the corner. Man, this trade has to have killed a ton of people.
ReplyDeleteNE - Anybody got this one on their list?
ReplyDeleteTOF,
ReplyDeleteThanks for posting the Birinyi article.
I also agree with he is saying.
The other key point is the market is now a stock picker's market which I believe is also true. There are way better values and growth opportunities in the market if you start looking outside the stocks in the popular ETF's. I think hard work will be rewarded this period.
BB > I totally agree. Look at the divergence between BAC and WFC just today alone.
ReplyDeleteHousing - I think perhaps a reasonable gauge of the direction of real estate might be found in PM's, because if real estate does begin recovering, then there should be no need to keep devaluing currencies for the sake of rescuing bankers balance sheets from falling off a cliff.
ReplyDeleteThe second reason currencies are feeling negative pressure relates to normalizing governmental debt which, if economies begin recovering, wouldn't be so necessary either.
SRS - Certainly no breakout happening there yet, is there?