CNBC Million Dollar Portfolio Challenge Update

I am happy to report that as of last night, I am now in the top 1% in the CNBC Million Dollar Portfolio Challenge at #4577 out of what appears to be about a half million participants.

I was going to keep this news under wraps until the weekend, but since I like to call market tops a little early, I thought I'd share the news today in the event my position starts to 'correct' a little.

Briefly, energy and copper stocks have helped propel me to my current standing and I am heavily weighted in oil, gas and uranium at the moment. In most stock contests, it pays to take ridiculous risks in hopes of lucking into a triple digit return. I have not yet succumbed to that temptation. Instead, making largely incremental gains here and there, I am up 27%. As long as I continue to outperform the market and move up the leader board, I will not be putting all my chips on my favorite number -- until perhaps the last 2-3 weeks of the competition.

For those who may be interested, the photo to the left is of Clifford Brown, one of my favorite trumpet players. I figured that if I were going to toot my own horn, I should also acknowledge the work of a true master, who, sadly, had so little time to dazzle us with his talent.

Update: According the Portfolio Challenge blog, the top ten contestants are already sitting on 100% gains, so I may have to rethink my strategy sooner rather than later...