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ADBE

1. Play on the market going up & continued liquidity
2. Flashplayer is everywhere. No matter what the limitations, quantity should trump quality.
3. They have new products coming out and strong growth.
4. They cost half as much as MSFT when valued according to growth.

Target: 45% yoy growth in Q3'07 = $52

ITB (short)

1. Housing is the classic George Soros definition of reflexivity in action: fundamentals which support a boom and then support a bust. Just as too-loose credit sparked an out-of-control housing boom, so will credit tightening cause a huge bust.
2. Housing is bad. If there's a recession or rates rise, it will be much worse.
3. They're still building houses faster than they're selling them.
4. UBS homebuilder analyst says "book value means nothing with the homebuilders."

Target: 20% under book value = $25

FXY

1. The only way to play a run on the Yen if the carry trade reverses.