We got the big move up yesterday, but it was not the most graceful action, led by the uglies and in too-far-too-fast fashion.
To date, every rescue idea for the Financials has been a consistent pattern of blast-higher and then retrace retrace retrace. I hedged longs late yesterday with SDS (SP500 Ubershort) and by getting short some Financials (via SKF long and LYG short). I've already covered the Financials today for a quick gain but I've been adding so far to the SDS. I also have small shorts now in AAPL and YHOO.
This is an attempt to hold long onto what still look to be good-looking aggressive growth names. At the moment I'm equally long and short overall, but I would be happy to let go of hedges should/as the market dictates..or else blow out the long side if action worsens.
Current longs (according to size): AVAV, ABX (new), ASEI (thin), THOR, CEPH, TWGP (thin), HOC (new), CECO, ATHN, MYGN, MANT (thin, downgraded today), LPHI (thin) and DLTR
Current Shorts (according to size): SDS-long (SP500 Ultrashort), AAPL, YHOO