June 1st Edition

Good Morning All,

For the superstitious among you, today marks the beginning of week 13 of the recovery rally. This "generational" opportunity has already brought abundant gains to those who had the courage and wisdom to realign their portfolios in what were very scary times, and although this has been a plus 30% index runup, (far more for many individual stocks), the best may be yet to come.

It appears that everything, excepting GM and the U.S dollar, have enjoyed the most recent ride, with the commodity trade leading last week's surge on the back of the aforementioned dollar weakness. Oil prices appear to have comfortably settled above the 50$ support level and now seem prepared for a run at 75$. This upsurge has brought the oil sands back into play, lending new credibility to some of our old picks in the group. BQI on the AMEX and BCF on the TSX both trade around a buck and have recently raised cash, Petrobank at 36$ remains the class of the bunch. Gold is for everyone, look at MMC.UN 6.70 as a conservative entry.....many more.

Friday's close above 915 on the S&P 500 should signal our much vaunted "blow off" rally toward 1100. We will monitor the progress, even as we trepidatiously view Obama's venture to Cairo later this week.

Dick Cheney has recently been making far too many headlines in his quest to criticize the Obama administration while making a positive case for his own doings, and although I believe he has every right to speak out in his defence, I would prefer that he be forced to do so in a court of law, after being charged with a laundry list of constitutional offences...including sedition.

...and on the subject of right wing, libertarian nonsense, it is a joy to watch the squirming of CNBC commentators and their chosen guests as they continue to critique every move the Obama team makes, cringing with despair on market up days...of which there have been many late.