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Today I have "sold" the position in Penn West Energy (PWE: 14.58 -0.01 -0.07%) out of this site’s Income Portfolio. The combination of falling oil and natural gas prices, a stronger dollar and growing unfavorable Canadian tax laws have driven down the stock price. I believe the next shoe to fall is a cut in the distribution. U.S. shareholders have already taken a 17% payout reduction on the dollars strength.

I will be looking to replace the position with some possibilities of early dividend capture. I have sold 2 positions, PWE and City Bank (CTBK: 6.60 +0.01 +0.15%) without adding any replacement to the portfolio. High on my list of possible additions is the Claymore/Zacks Yield Hog ETF (CVY: 12.65 +0.2124 +1.71%). I will also scan through the income stocks on my Watch List. Tune in next week for updates.