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2006-05-23 :: Tuesday overnight update

Yesterday’s decline was fueled by the overnight declines in Europe and Japan.  There should hopefully be better news today as Europe rallied nicely and, although Japan was down overnight, S&P upgraded Japan to positive from neutral for investors.  The European rally was led by oil and miners as oil popped back up above $70 per share.  We may just get the rally I mentioned yesterday a day or two earlier than I had thought.  The big worry for me is that two of my favorite holdings, miner BHP Billiton and the worlds largest bank Mitsubishi UFJ, were both down big in Asia.  We’ll see if this is a rally with a rising tide that lifts all boats.

We are in the midst of implementing the plan discussed in Sunday’s entry. 

More later.