Pullback Never Materialized- Stocks Higher

S&P 500 at 5-year highs.

We sold out of UPRO VALE XHB & TEX but bought back at key levels, initiated a new position in VLO as we like refining margins better than drillers, and added a new financial to the mix in MS. (Morgan Stanley as well as other financials will benefit from a recovering economy and from the M&A frenzy currently taking place. Corporations are flushed with cash and are using it to acquire other companies to bolster pipelines.)