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ETF portfolio April 4 th. 2011

Equities
Markets continue to find strengths in what I would call - "where else can I put it" flow. If you want any chance of a return on capital. Equities seem to be the best pick among a lot of risk. With a Volatility of less than 20, the risk return is attractive. But be wary of the dorment beast.

DAX index have given a bullish signal, but the US indicies are yet to produce a buying signal. I remain long in the energy, materials and consumer dis sectors and will most likely add som SP500 if we break above 133,70 in SPY.

Bonds
I am short the bund again. Markets seem to discount inflation and even more rate hikes than currently priced in. The danger is, ECB will not be a aggresive as some speculators think. Keeping tight stops on that short.

Commodities
Gold seem stuck in a range while silver is reaching 31 year highs. I will re-open my long silver on the opening today in (NYSEARCA:SLV).
Oil is on fire and I continue to be long in that market along with agricultural commotidies the short term seem rosy. However there is a danger that high prices will ultimately kill the growth in emergin markets which the bearish signal in Copper might indicate is happening already. However this could also be due to China thightening money suply.