Elections may represent a short-term uncertainty, but we would use associated market weakness as a buying opportunity, similar to the opportunity created by last year's disengagement from Gaza.

We don't see any reason for panic despite election time. If anything, the coming elections are proving to be a positive catalyst for the market based on preliminary indications of a broad centrist coalition forming - Prime Minister Ariel Sharon will remain in power, but in charge of a broader, more stable coalition.

The failure to get a decisive vote in the German elections has left uncertainty.

This weakness in an environment of price shocks, fuel volatility and regulatory uncertainty is the recipe for continued boom and bust cycles in the power industry.

Euro weakness could be more powerful than renewed dollar strength because sovereigns could refrain from divesting some of their U.S. dollar holdings.

With the dollar weakness, we may have seen a great buying opportunity develop in recent sessions.