3P

Proved Plus Probable (reserves)...is an expression in the oil and gas industry.....many people know we subscribe to the Peak Oil theory...and many have been seeking the smaller more speculative stocks for future earnings in possible reserves...to us this means as coal and oil are front headline news and smaller market cap companies are rising...this group is due for a rest...we took some small gains and will wait patiently through the correction.

"The stone age did not end due to a lack of stones."

Perpetual rotation is what the market feels like today...the average stock is held probably less than six months...look at GE trading over 300,000,000 shares today...yesterday's technology out performance was a classic head fake and that group again under performs today.

"Unless things improve quickly and dramatically, the 2000's will likely be the worst-performing decade for U.S. stocks since the Depression era of the 1930's. The S&P 500 index returned about 1.0% in the 1930's on an average annualized basis. Through the end of March 2008, the index has sported a minuscule gain of 0.6% so far this decade. At the 1929 Peak, the S&P 500 had a P/E of more than 30. In 2001 the S&P had a P/E of more than 45. In both cases we saw significant pullbacks from these levels and both periods of weak returns were precipitated by overvaluation." Said Standard and Poor's this week.

We agree....stock selection is critical to make any money in today's market.....especially if you are trafficking in the stocks with above market price to earning ratios....very dangerous!

Barkly seen here was very patient and studied his territory well.