I'm recommending that we close out two positions today while we can sell them into strength.

The portfolio in the Liberty All-Star Equity Fund has changed quite a bit in its latest disclosure, and the fund now owns a lot of financials that have rallied off the recent lows. Top-10 holdings include Freddie Mac, Fannie Mae, Bank of America, Wal-Mart, Pfizer and Schlumberger. My concern is that this euphoric rally in the financials will roll over on more bad subprime news that I'm sure will come.

And the $3.8 billion buyout of Canetic Energy (CNE) by Penn West Energy (PWE) is, in my view, not a good move -- and the stock shows it.

I'll have more information about these actions when I see you later today with the Weekly Update.

Bryan Perry

Editor The 25% Cash Machine