After a broken computer and a trip to Vancouver I am now trying to find something to cheer about.  Today’s rally was a welcome change from the grind we’ve been experiencing.  However, it remains to be seen how strong it is going to be.

In an other portfolio I have added some ING Groep NV at US$7.32 to a position I already have.  This is one of Europe’s 5 top banking firms, which trades on NY as an ADR. On the net they are still showing a loss but in fact the first quarter was very good and put them in a positive earnings position.

I also own but have not yet bought more shares of ING Prime Rate Trust (PPR-N).  It trades around US$5.50 and in my book rates as a buy. The fact that they pay a 6% dividend helps make it attractive. Their Head Office is in Scottsdale, AZ., for all that matters.

On the whole I find very little to cheer about.  Although most issues I follow are presently short term oversold and due for a rebound there really are very few I’d consider cheap. On the whole I’m keeping my powder as dry as I can, but will buy selected issues on any days markets are selling off 100 points or more. I do like to buy at a discount those items on my buy list.  That includes iShares 60 ((XIU-T),  Enerplus Res. (EFR-T) and iShare Cdn Energy (XEG-T)

Until next time,

Ted Lagerway