Portfolio. New stakes.

New stakes
Long. Technology
IBM
SOHU
MSFT

IBM
MSN rank 8
large non-US revenue base
IBM's Q109 results indicate its strong position in emerging markets, which should continue to help drive growth.
Company has focused on driving its bottom line through cost cutting efforts. It re-affirmed EPS guidance for the full year of 2009 and 2010. Although, revenue is not expected to grow by much, expecting margin improvements in 2009.

MSFT
MSN rank 8
Big hedge fund support
Nice classical coefficients

SOHU
MSN rank 9
Sohu - is the second-largest Internet portal and one of the most well-known online brands in China. Sohu's pipeline for its new online games remains strong and is expected to drive meaningful growth in late 2009 and 2010.
The company spun-off part of its gaming division Changyou.com via an ADS offering, which is expected to increase its user base and help gain shares in the MMORPG (massively multi-player online role-playing game) market. We are also encouraged by the company's growing cash balance as well as its debt-free balance sheet.
We believe that the current stock price does not fully reflect the company's intrinsic value. Concerns related to online ad spending, as consumers remain cautious in their spending.

Shorts
Industrial Goods
MHK - textile
SPWRA - general conducator
VOXX - Electronics Wholesale
TECUA - General Building Materials

Also we shorted aditional 700 shared on DW for portfolio long/short balancing.

Idea on gold

I see that many hedge fund managers are long now on gold or gold trusts , etc. I think its not just hedging in classical term. We have big inflations expectations and doubtful market growth. If no risks will be converted in to reality we will see continue of market growth and gold growth too. Market will growth by better fundamentals, gold will growth by inflation expectations - if economy is began to recover - inflation wiil begin growing quick. If we dont see real economic recovering now, we will see second wave of recesion. It will mean more money to print again, bigger inflation in future, so market in this scenario will go down again, but gold after some down move, will grow even more quickly.