Quicknote (increased exposure long)

All noise aside, action remains mostly favorable and the next potential catalyst hits now at the top of the hour. I've been increasing long-side exposure further; adding to longs and covering anything short. I would not be surprised to see a rush now to Dow 9k.

That's not a call, just an observation. A rally in equities at the conclusion of a big week of Treasury auctions is not unusual and internals are leaning mostly firm ahead of this 30-yr. result; and this market has resisted selling while leadership has rocked.

I have a large number of names long (too many, arguably). As such if I get caught on the wrong side today I'll look to hedge quickly by shorting the weakest major index on the day (NDX at this point).

Re CYOU: the stock lauched about 11% higher within a few hours yesterday (that trade made my day, to say the least). The group is lagging today, however and CYOU remains extended. I don't have a plan to re-enter this session (at this point) and I am looking at this now with 1-2 day horizons when/if I do; until there is a bit of a consolidation (or until it sours).

When you can bag 10% in a few hours on a hot-money darling, the environment for stocks is not all that bad. Snort!

Blah blah - damn treasury bonds about to rock my world - Cyou later...

Total Position: 100% net-long, 53% invested

Currently Long (according to size): ARST (reports tonight, increased today to 6.6%), TQNT (5.5%), WFT (5%), SWN (4.8%), RAX (4.7%), ASIA (4.6%), LFT (increased today, 4.4%), MRVL (new today, 3.7%), PEET (3.7%), SNDA (3.3%), AU (3.1%), JDSU (2.1%), FNSR (reports tonight, 2%)

Currently Short (according to size): NA

Futures Accounts: 20% Long Russell 2k Sept, 525.05 ave.