Trade!

Well, I'm buying today. First order of business is to close DUG. It's trading 20% higher than net asset value and is spiking today, even as oil climbs. PXE is also trading off NAV, at -15%. I will cover this position as well. Last order of business is to do some bargain hunting, so I will take a half position (5%) in SFL. The market is pricing in a high probability of a negative credit event such as a breach of loan covenants or a plunge in tanker rates over the next few months. Both of these things may happen, however, management is excellent and is reinvesting dividend proceeds back into the company. Target on this is $7.00, or about book value. Things can change real fast, though, so I will watch this like a hawk.

Sell DUG @ $35.17, +5% return
Buy to cover PXE @ $10.04, +26% return

Buy 5% position in SFL @ $4.66