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The market began to pick up the pieces from Friday’s beatdown as it tries to climb back into the uptrend. The protests in Egypt continue to dominate the headlines as investors scramble to understand how to profit from the unrest and seemingly inevitable political upheaval. The most obvious area to watch is oil, which has gotten a nice bump from the uneasiness in Northern Africa. Our favorite in the group, Schlumberger Limited (SLB) broke out and closed today above recent highs.

A stirring debate raged in the financial blogosphere today: is China MediaExpress Holdings, Inc. (CCME) another Chinese fraud?
A report from little-known Citron Research highlighted some compelling arguments, which have been out there for a while now, for why one might be skeptical of the China MediaExpress’ numbers, while there have been several rebuttals from more reputable sources making even more compelling arguments for why CCME is not a fraud. Given the back and forth technical action of the stock today, though, it’s hard to tell who is winning the battle, longs or shorts. One thing is for sure: CCME sure has the bigger guys standing in its corner, with Forbes China putting it at #1 on their list of small-to-medium Chinese companies with greatest potential.

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*DISCLOSURE:  Scott has no positions

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