Summary of Activity

[Trent Ball]

I will putting the Summary of Activity together from this week
forward, so each team please email me with a synopsis of your trade
rationales for our trades this week

[Rebecca Sheppard]

Hey Trent here is the trade rationale I put together for Commodities:

Commodities exposure as they record the longest rally in 10 months led
by industrial metals and crude oil this week, encouraging us to
bullishly hold onto exposure to crude oil in the IXC and industrial
metals/agriculture in GSG. The crude price increases reveal that
continuing Iranian fear still bumps up IXC as it gained from
$41.37-41.94 this week. Increased our holdings of GSG by 2037 shares
at $35.45 to increase our exposure to energy and industrial metals,
which we anticipate to increase given Iranian uncertainty and surging
oil supplies and increased demand in industrial metals. GSG gained in
response to rises in both energy and the agricultural boost in corn as
it grew from $31.91 to an impressive $36.38.
Bought 18447 shares of IAU at $17.13 as an inflation hedge against
government spending. We increased our exposure to gold directly by
purchasing IAU in response to the continuing bullish stance of
investors. The inflation that results from the second Greek bailout is
expected to further increase a flight to gold within the EU and
domestically. Whether or not we anticipate bailout goes through is
currently irrelevant as it is simply that speculation that will
increase returns, however we will cautiously watch for anything that
may shift speculation regarding Greece or inflation.

The increase hold and bought sentences are all meant to be in bold.

All the best,
Rebecca

[Trent Ball]

For this week i still need rationales for our decreased exposure to
SOXX, ICLN, IYT, and IJR as well as a justification for our continued
investment in all of these. I also need the rationale for our
increased exposure to EEMS.

Thanks,
Trent