Adding to my UltraShort Financials (SKF) Today

UltraShort Financials (SKF) bounced up 3% today, so I added more exposure to the fund. I really see no good news on the horizon and any bounces to me, are times to add.

Aside from some strength in Goldman Sachs (GS) yesterday, the rest of the sector looked quite impotent yesterday, and the fundamental background remains poor and worsening. It's going to be confession time soon enough, and my thesis is the market is not anticipating fully what is coming down the pike, despite the stock prices already dropping quite a bit.

What does this ETF short? The Dow Jones Financial Index

All holdings in this index here. It's a bit imperfect for what I want to do, but close enough. The top 5 holdings make up 40% of the index, these names are: Citigroup (C), Bank of America (BAC), JPMorgan Chase (JPM), Wells Fargo (WFC), Wachovia (WB)

Actually as far as financial stocks go, this top 5 has some stocks I don't think are so bad such as BAC, WFC, and WB. But again, its an imprecise tool, since I am limited on what I can buy in terms of short positions in the Marketocracy fund.

Long Ultrashort Financials in fund and personal account