The markets continue there climbing trend with all of the major indexes approaching their July peaks and all of the indicators I am monitoring indicate that this will continue through the next quarter. I had predicted the S&P would be back above 1500 by the end of August, I missed by a few weeks, I still stand by my prediction that it will reach and maintain 1600 by year end.

In light of this I have made a few more changes this week.

I sold off my position in VLO, there seems to be mixed reviews out there on this one but my research shows that it is due for some downside because of loss of momentum, change in sector movement and some internal changes, though up for the year (34%) it is down for the quarter, I expect these will be only short term adjustments with the downside target at or near $55.

I've increased my holdings in OII back to where they were due to continued improvement with this issue, (up 83% YTD, >8% MTD) the Support Services industry continues strong and will show steady growth through the end of the year. My target on this one is in the neighborhood of $85.

I am revisiting CAVM, I sold this off last month after a nice 15% gain thinking that the semiconductor segment was going to flatten out for a while, some recent new innovations in the tech industry will now see this segment growing significantly over the next 6-12 months, I'm targeting this one at $60.

I've also added BBL to my postfolio as it is up over 85% YTD and along with BHP continues to run strong in a very strong sector, and I don't see this changing anytime soon. This one will I suspect have a moving target, but for now I'm looking for both of these to hit $90.

Initially I had planned to maintain 25-30 positions in my portfolio, due to time constraints from my 'day job' which have made it a challenge to monitor the health of this many issues I am looking at reducing that target to 20, in the belief that this will maintain enough sector/style/industry diversity to ensure stability. Toward achieving this goal I am currently reviewing my positions looking for the most advantageous places to make the reductions.

The upcoming week will also demonstrate the results of my split chasing theory with four of my holdings conducting splits between 9/28-10/3 (NOV 2:1, SLP 2:1, JCI 3:1, TAP 2:1) I have made significant profits on picking the right splits in my real portfolio and believe that this will pay off here also.

Good trading to all, be back next week.