After a busy week out of town, things have slowed down a bit. And weather has become much warmer.

One of CVTX's drug applications was approved by the FDA last week. Even though the price hasn't moved up in response, I'm confident it's helped put in a solid support. CVTX already sold the North America marketing rights of this drug to Astella, and will receive royalty payments as a result. The major catalyst to this stock will remain the FDA approval of CVTX's current drug for first line use, expected in the summer.

I bought puts on WM after its big run-up in response to the TPG cash infusion. I may have sold the puts a bit too early as the stock went down another 4+% today. I believe however WM has a limited downside at around $10/share. Depending on tomorrow's quarterly earnings announcement, I'll decide whether I want to take the loss in my long WM position. Unlike C and FNM, WM has recently cut its dividend to almost nothing (1 cent), so I may not want to hold on to it for a recovery.

FWLT looks over sold during the last few sessions, and I bought some Aug 62.50 calls today. At this point I'm long on AUY, ACH, BP, C, CVTX, HAL, MO, PM, MSFT, SGP, WM, MCD, EPD, PWE, F-S, and FNM. My portfolio's year-to-date performance is -3.2%, much better than S&P500 (-9.3%), and Cramer's portfolio (-11%). However I still don't like it, because it's negative.