Tuesday, April 07, 2009

Quicknote (regarding today's gap lower)

Toppy action is set to resume and it looks like we will gap-lower into the neighborhood of yesterday's lows. This nullifies yesterday's near recovery and sets the stage for a potentially difficult day for longs. I've added to TWM (now 15%) and initiated a sizable GS short hedge (9%...GS 200-day is 114.94 and it has yet to do vol above that level; good hedge below 115).

Finally, I have spent many hours updating a new list of eligible shorts, but am sorry to say it is not complete and I cannot rush it at this point. I will point out anything relevant via Twitter in the meantime.

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