The portfolio has been updated and should be available for your look through. We had a good week all in all but could have always been better in hindsight (always 20/20). However, up about $10,000 on the week given so much uncertainty is something I will gladly take given how things stood a week ago today and up almost $25,000 from the weekend before when we were all faced with the nightmare of BREXIT related uncertainty.

I traded out of FNSR this past Friday and also sold calls on our MU position the same day. I expect we should be able to exit the MU position with small gains by the end of the coming week thanks to the hedged position going into the earnings and the weekly call sales. IF not, I shall more than likely wait another week. We hell see how things transpire this coming week. Also, added a small NFLX position expiring post the earnings call on the 18th.

We have a massively busy week ahead in terms of having to absorb the noise coming out from the various Federal Reserve presidents. At last count, there were 12 scheduled speeches these folks will be making in the week, starting with Loretta Mester before the market opens tomorrow morning.

Aloca will kick off earning Monday post close and although there will be no tech land earnings this week, next week gets us right into the middle of things.

Barron's had a slam job article out on Netflix over weekend and it will be interesting to see if the flixsta can shrug it off a week ahead of its own earnings.

The portfolio account spreadsheet has been updated and is available for your use. We had a good week as you all can see from the spread but still have lost ground to make up in the BREXIT mess, which we should soon enough. The markets are still very fragile and the rollovers are far worse than the days when the markets rally indicating pretty timid buying and "head for the hills" type selling. TO me, that is a great thing because when we finally get a rally that looks sustainable there will be so many chasers with the money waiting on the sidelines and way under-invested institutions and mutual funds that the chase could be pretty impressive. Add in the dark side pressing their bets and things could get very interesting in a hurry.

"The second has been a theory of mine for over a year. Our markets have been range-bound ever since the Janet Yellen-led Fed started threatening the world with rate hikes over a year ago. Since then, the volatility has increased and the markets have been ready to faint at the slightest weakness. However, once the fear and anxiety passed, the recoveries have been equally rapid. Now, with the Fed itself lowering the U.S. GDP growth forecast not only for 2016 but also for 2017, investors finally have realized that the Fed indeed has been just whistling past the graveyard trying to talk our economy higher."

"With that realization, could there possibly be new break-out highs in the markets? We shall see."

The above two paragraphs were from my weekend article and encapsulate my thinking about breakout highs potential whenever they do occur.

Having said that, I don't want to take up any more of your time this long weekend. Enjoy what's left of it with your loved ones and I will see all of you in our room tomorrow.

As all of you know the model portfolio account was caught in the frenzied down-draft of last weeks sell-off in global equity markets thanks to the FOMC about-face and the madness of BREXIT. Sellsiders turning tail and playing CYA also certainly made matters worse.

However, if there is any good news to be had, the turn higher should also be equally furious as the downside was. Already, global markets are significantly higher as maybe investors come to their senses. At least for the day! Our early futures are also looking higher by about 1%. Maybe the buy algos are back.

Admittedly, the last two weeks have been rough indeed but I think we are almost clear of the two big macro issues that have been haunting global markets.

Despite the early jig in the futures, I have a feeling this will be another volatile week with every slight change in the BREXIT saga whipping markets back and forth. I have a gameplay in mind, we will see how that works out.

We also have the Fed heads up and about almost daily this week starting with Kashkari on Monday, Yellen testimony on Tuesday and Wednesday and Kaplan on Thursday.

Last week was another rough week in tech-land as worries about the FOMC, Brexit and plunging bond yields led to a full blown panic sell in tech land going into the weekend. I expect the schizophrenic nature of our markets to continue next week till the FOMC decision on Wednesday 2 p.m. Eastern Time and the some respite till the pundits start wringing their hands about the Brexit issue the following week. Both are non-event totally but our markets are increasingly manipulated and as a result are easily knocked lower.

Take a look at the following statistical fact: In just two days, Thursday and Friday of last week, stocks wiped out all the gains made on the Nasdaq since May 24. The S&P also gave up all the gains it made since May 26. I mean think about it. In a mere two days, almost 2 1/2 weeks worth of gains on the Nasdaq just went poof. I challenge anyone to argue that our markets are not severely manipulated by HFT/Algo's/BOT and dark pools.

Having said that, the manipulative nature of our markets also provides opportunity and thats what we will see in the next couple of weeks. The upside to this manipulation which works both ways.

Well, last week was a difficult one in every sense of the word mainly due to the sell-off in the Chinese ADRs due to the news that SoftBank was reducing its stake in Alibaba which affected the portfolio negatively.

We are unfortunately back to Fed watch again just after the markets seemed to have adjusted to the Fed's desperation to raise rates. The blame lies with the labor report released on Friday that showed job additions in the month of May were at a financial crises like low. The report showed that a measly 38,000 jobs were added in the month of May versus expectations of 160,000 additions. All is not well here at home no matter how many time the Fed heads bleat "things are great" in order to try and con our markets and the global ones, that America is an island and despite the economic and financial markets trouble abroad, we can handle rising interest rates.

Come Monday, Janet will be yelling just after the noon hour and it will be interesting to hear what she will say about the jobs report last week. My take is pretty simple; we will not get a rate hike in June (wasn't expecting one in the first place) and more than likely July is off the table now as well. Maybe, just maybe, fall could come in play depending on how the economic reports roll between now and then.

The model has been updated and we lost ground last week but remains miles ahead of the indices and I am pretty confident any other benchmark one could compare us to.