I was hoping for a move closer to S&P 1151-1152 when I put on the index shorts this morning on the break below 1160, but like a starved squirrel I am so very happy to find even a single acorn on the short side in this day and age. Hence, I am going to take my 3-4ish acorns (3-4 S&P points) and run like a bandit before Summers and Bernanke take their rifles and tag me.
Unless the S&P 500 gets below 1150 that's about all the downside I guess we can hope for (S&P 1155) and with Monday coming up (which is up, 9 out of every 10 times the past half year) the odds are against us collecting any more acorns without risk.
So with that our SPY 115 puts, and short TNA (long TZA in the real world) are gone after a 5 hour rental.
Friday, March 19, 2010
Bookkeeping: Getting Rid of This Morning's Downside Protection
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows