PORTFOLIO REVIEW

With the global markets having settled after their recent roller coaster ride — and stocks already entering the summer lull — it’s a good time to review how some of our Global Bull Market portfolio holdings are positioned for more big profits.

BHP Billiton (BHP) — The "One Stop Commodity Shop"

BHP is now up almost 18% since it bottomed on June 13. Look for the recovery of commodities prices to propel this stock further. This Australian metal miner has quadrupled its earnings over the past few years, yet it is still trading at only 12 times next year’s projected earnings. BHP is a terrific value play in a booming sector. BHP was also featured as a "One Stop Commodity Shop" in Business Week recently. Move your stop to $38.50.

Mitsubishi UFJ (MTU) — Riding the Japanese Recovery

MTU continues its strong run and the stock was up almost 2% in Tokyo overnight. You’ve already taken a 50% profit on MTU options last week. Sentiment in Japan will remain somewhat tentative ahead of the Bank of Japan’s (BOJ) policy meeting this week. While the Fed has raised interest rates 17 consecutive times, the BOJ’s expected increase in interest rates from zero to .25% would be the first hike in nearly six years. MTU is also in talks with the Fed about obtaining "financial holding company" status, a change that would allow the Japanese bank to expand into underwriting, insurance and investment banking in the U.S. Move your stop to $12.25

Nokia (NOK) — Finnish Global Giant Expands

Nokia’s blockbuster $30 billion deal to merge its telecommunications equipment business with Siemens of Germany is clearly positive for Nokia. It has also just signed a deal with Henan Mobile Communication, a wholly owned subsidiary of China Mobile, worth USD 150 million to expand GSM and GPRS networks in the Henan province in the central part of China. With shares selling at only 13 times next year’s earnings, Nokia continues to be our favorite "best of breed" global play.

Cognizant Technologies (CTSH) — Outsourcing Play Bounces

Another week, another award for Cognizant, as it was one of six Indian telecom and software services firms featured in Business Week’s "Infotech 100" 2006 global rankings. You’ve already taken a 57% profit on CTSH options last week. Great timing, as we took profits right at the peak of the stock’s recent bounce, when the stock was up 17% since it bottomed in mid-June. Hold on for more upside in both the stocks and options. Move your stop to $56.75.