Finally I was able to find the smallest crumb of news regarding Anglo American's (OTC: AAUKY) move from the NASDAQ to the over-the-counter (OTC) exchange often referred to as the "pink sheets."

After searching all day yesterday under every rock I could find for an answer to the puzzle and coming up empty, I concluded that this mystery could only be the work of Sherlock Holmes's evil and brilliant nemesis Professor Moriarty. And fitting to the good professor's habit of only leaving the most meager of clues, the following is all I could find to date:

This morning I looked up Anglo American ADR and could not find it. What I found was: "No listing under this symbol". I checked another financial site and nothing. I check the company web site and I found under investor information USD NASDAQ 0.00. Now it was getting very strange.

There was no news anywhere, how could that be?

It turns out that the company is now listed on the "pink sheets", "over the counter" as Anglo American PLC ADS (OTC: AAUKY). There was no news Friday, no news over the weekend, no news this morning, no information under the old symbol, the new symbol or the web site, and no broker knew why there was a change, just that it happened.

The second quarter is now behind us and for the most part it was a positive one in terms of the market pushing higher almost 40%. This is the second review of my 2009 stock picks through June 30 (see: Chasing Value: 9 picks for 2009 -- APC, GE, ISRG, WFC and more). There was a lot of talk about green shoots this past quarter as Wall Street was looking for any small bit of optimistic data to support the market.

The federal printing presses continued to run at full speed pushing the dollar lower and oil prices higher. While the feds were printing money to cover their deficits, the States do not have that same luxury and many of them are having trouble balancing their budgets to the tune of billions of dollars.

It was reported on Sunday, June 21, that Anglo-Swiss mining company Xstrata has proposed a merger of equals to the board of Anglo American ADR (NASDAQ: AAUK), hoping to create a new, more competitive mining giant. Rumors have been milling about for a while.

Together, Anglo American and Xstrata would have a market capitalization of approximately $68 billion, (AAUK's $35 billion + XTA.L's $33 billion) and be larger than Rio Tinto plc ADS (NYSE: RTP), which ended the trading day last Friday with a capitalization hovering over $42 billion.

Today one of my picks for the year, Anglo American ADR (NASDAQ: AAUK), was upgraded from neutral to buy at the investment bank now regular bank Goldman Sachs Group, Inc. (NYSE: GS).

It was only yesterday that AAUK was downgraded from neutral to underweight by JPMorgan Chase & Co. (NYSE: JPM). No doubt they were responding to the news that Standard & Poors cut Anglo's rating two notches to 'BBB' based on it's 40% leverage and the potential for its cash-flow and income to be impacted by continuing soft markets throughout the year in many commodities.

I knew it would happen to some of my stock picks this year -- but ouch! -- Anglo American (NASDAQ: AAUK) has reported that it is handing out 19,000 pink slips world wide, oh, by the way, you can forget about the dividend -- that's gone too.

Anybody have capital gains to show this year? I didn't think so. Not unless you were shorting the market, and in particular financials. I got clobbered with everyone else. There were not many places to hide. Picking winners was like guessing where each piece of debris would land after the tornado moved through town.

The average crystal ball is looking quite foggy about now, nevertheless I have rummaged throughout the stock market to select nine stocks that I think offer more reward than risk. The market is priced for the worst in so many cases that I think the list could have included 50 companies without too much trouble.

In 2007 and 2008 I owned some but not all of the picks for the year. This year I own all of the stocks and they were all acquired in the latter part of the fourth quarter for a new portfolio.

Rampant inflation seems likely at some point in the future, as demand for commodities increases and the pain of running the government's printing press full time comes back to haunt us. So once again I am revisiting Anglo American ADR (NASDAQ: AAUK).

How can you protect yourself against the pain of inflation? One thing to remember is that although cash is king -- as we are told every day -- cash will not perform well in a highly inflationary environment. What usually performs well are things that you can hold in your hand, that you can touch and that other folks want.

Now that I want to buy things, what kind of things do I want to buy? How will I know what things to buy? Where will I put these things? What if I buy the wrong things?

From my perspective the answer to all of these questions can be found in AAUK, which I most recently wrote about five weeks ago Chasing Value: Anglo American on sale.

Since the company has mining operations on six continents and owns reserves in most every natural resource, precious and not, you will be diversified geographically and in breadth of resources -- things, that is, things people want.

Anglo American (NASDAQ: AAUK) owns a range of assets covering gold, platinum, diamonds, coals ferrous and base metals.

AAUK was up 34 cents to $33.09 in pre-open trading. AAUK has a market cap of $86 billion. Gold is recently trading at $905.90 according to Bloomberg.

AAUK overall option implied volatility of 47 is near its 26-week average according to Track Data, suggesting non-directional price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

After five months of tracking my 2008 picks, it is rewarding to finally have a breakthrough -- topping the three major stock indices and Berkshire Hathaway (NYSE: BRK.B) too. It has been painful to have to report each month that I was being bested. However, since I have not seen anything contradicting my original rationale for my eight picks I stood my ground.

This past month saw great improvement. For the first time since I posted the original story Chasing Value: Final list -- 8 stocks for 2008, five of the eight stocks are up:

Moving into positive territory by pennies was Loews Corporation (NYSE: LTR). Among its holdings is a 51% stake in Diamond Offshore Drilling, Inc. (NYSE: DO) that has been doing well as the world remains desperate for more oil and natural gas.

Bunge Limited (NYSE: BG) was the other stock to cross the line into the black, while Valero Energy Corp. (NYSE: VLO), although improving, remains my worst performer. It is still down almost 28% after five months.

The gap between the Dow Jones Industrial Average, Standard & Poor's 500 Index and the technology heavy NASDAQ Composite Index narrowed substantially so that the three are tracking each other very closely. Stocks like Apple, Inc (NASDAQ: AAPL) and Google Inc. (NASDAQ: GOOG) continue to gain significantly and their outlooks have not been shaken amid overall pessimistic economic forecasts.

This month saw great improvement after last month's disaster. Having to conclude my findings on a specific month end day, or any day, depending on the news, sometimes distorts results. For example news on March 31 sent the market down and on April first my picks shot up an unusual amount; hopefully the trend will continue.

My riskiest stock pick Newcastle Investment Corp (NYSE: NCT) was down the most in March but recovered about 35% of the loss in April leaving Valero Energy Corp. (NYSE: VLO) the dubious honor of being my worst performer, down over 30% in the first four months of the year.

April showed improvement as many companies reported positive earnings reports or beat expectations.

The Dow Jones Industrial Average gained some ground in April as did the Standard & Poor's 500 Index, and the technology heavy NASDAQ Composite Index was up with stocks like Apple, Inc (NASDAQ: AAPL) and Google Inc. (NASDAQ: GOOG) improving significantly on very strong reports. Google is up over 25%.

Most of my picks improved. Higher food prices no doubt helped Bunge Limited (NYSE: BG) which recaptured losses moving up 23% from its recent bottom. My two winners Raytheon Co. (NYSE: RTN), the high tech defense contractor, and Reliance Steel & Aluminum (NYSE: RS) were joined by a third, Anglo American plc (ADR) (NASDAQ: AAUK) which had a 10% swing entering positive territory.

After three months it is time to face the facts: two of the three indices beat my picks handily. I have not made a good showing so far and unlike most investment idea sources, I feel obliged to air my dirty laundry for all to see.

My riskiest stock pick Newcastle Investment Corp (NYSE:NCT) is down almost 37% this year, and the energy stocks did almost as poorly even though fuel prices are near all-time highs. The downers were not offset by this months' repeat winners.

March was a seesaw battle, but in the end there was not much to show for it. However, unlike the last day of January (down 370 points in the Dow) and February's last trading day (down 315 points), March had a final day of plus 46.49, which is not very meaningful.

The Dow Jones Industrial Average gave some ground in March as did the Standard & Poor's 500 Index while the technology heavy NASDAQ Composite Index was marginally up with stocks like Apple Inc (NASDAQ:AAPL) improving notably.

Most of my picks sagged a little more, while two remain in positive territory. Raytheon Co. (NYSE: RTN), the high tech defense contractor is up and Reliance Steel & Aluminum (NYSE: RS) is way up.

MOST NOTEWORTHY: Apple, AstraZeneca and KLA-Tencor were today's noteworthy upgrades:

• Thomas Weisel upgraded Apple (NASDAQ: AAPL) to Overweight from Market Weight, citing a re-set in FY08 expectations and expected growth from Mac market share gains, accelerating iPhone revenue growth and increased iPhone ASPs.
  
• WestLB upgraded shares of AstraZeneca (NYSE: AZN) to Add from Hold as they believe the company's growth in core franchises are being overlooked.
  
• Citigroup upgraded KLA-Tencor (NASDAQ: KLAC) to Buy from Hold , as they believe several near-term catalysts are likely to develop against an increasingly favorable cyclical backdrop. They think KLAC's near-term business is better than most think and maintain a $56 target on the stock.

OTHER UPGRADES:

• Goldman upgraded Anglo American (NASDAQ: AAUK) to Buy from Neutral and added shares to the Conviction Buy List.
  
• UBS (NYSE: UBS) was upgraded to Buy from Neutral at Merrill and added to the Europe 1 List.
  
• Jefferies raised comScore (NASDAQ: SCOR) to Buy from Hold.

MAJOR PAPERS:

• In a deal that values Global Ship Lease at about $500M, the Wall Street Journal reported that Marathon Acquisition Corp. (AMEX: MAQ) is expected to acquire a majority stake, or 66%, in the firm that acquires and charters vessels to container shipping companies.
• Activist investors are moving in on Circuit City Stores Inc (NYSE: CC), which is expected to result in a change of management as the company's turnaround efforts have failed and many investors have jumped ship, according to the Wall Street Journal's "Heard on the Street".

OTHER PAPERS:

• JPMorgan Chase & Co (NYSE: JPM) was in talks last night about raising its bid for The Bear Stearns Companies Inc (NYSE: BSC) by 500% in order to appease angry Bear shareholders who have vowed to fight the deal, the New York Times reported.

WEB SITES:

• The mining industry is consolidating, Business Week noted, and investment pro Richard Steinberg, sees Anglo American Plc (NASDAQ: AAUK) as a possible takeover target due to its sizable deposits of platinum and ferrous and nonferrous metals.
• Perfect World Co Ltd (NASDAQ: PWRD), a big player in China for online gaming, has seen its share price shoot up to $37 in October, up from $16 back in July, Business Week reported, and then slide back down to $21.90, attracting investors again.
• Business Week reported that investors are flocking to overseas investments and opportunities as they have become spooked by Bear Stearns' collapse, and the prospect of a protracted U.S. financial crisis or recession. John Maloney, president of M&R Capital Management says it makes sense to put money in non-U.S. investments, particularly in Liberty Global Inc (NASDAQ: LBTYA), a major cable company.

Earlier in the week I posted about finding the market bottom using that age-old handheld calculator, a white paper napkin. So, unfortunately it looks like I may be right again. Not exactly something I was hoping for, but if it has to be, it has to be. I wonder if my old napkin can outperform Wall Street super computers?

Is this an auction to the bottom? Are investors bidding things down instead of up? Looks like it from all the negative sentiment. Consumer sentiment is down, and short sellers are all excited, increasing their negative positions to new highs every day.

And here is the all-telling sign of capitulation: the ever-lying overly optimistic government is starting to admit how bad things are and throwing hundreds of billions of dollars at the problem. When does the turnaround come?