I think that AGM, SKX, ECL and even TLM around here (don't chase, buy a little and add on additional retraces) are still fairly valued. I am not in SKX (waiting for a dip under $7) and trade against an AGM position from just under $23 taking buckers here and there, the same with COO. Since you don't want to have (IMTO) equity exposure of more than let say 40% because of the current high risk in the market, the cash that you have left can be used for such parallel trading to reduce the cost of the core positions. If this market continues frolicking, the other which are still rational here (COO a little rich, MAXF reasonable under $10, and POOL a little rich but not much) will move much higher. I would have a plan to slowly enter these and leave enough powder dry for completing positions at some 7% discount to your buys. IGT, TBL and TTC are rich but I would reenter all three on minor retrenchments, providing that would not deplete EOD cash to levels unacceptable with the current risks perceived by the turnips. In all cases use stops, of course, and don't go overboard. I still think that a better buying opportunity will present itself later this year. The problem is that "I think" but the market has a lot of momentum in it, and it may take longer than "I think" for the market psychology to change.
Zeev
