Update on Portfolio (shorts neutralized for now)

Something has changed and some things remain the same. I still don't like the larger picture, but I still must react.

Rather than stepping out of the short-side today and going hunting, I went ahead and picked up several leadership longs, looking for the potential pivot higher. So far so good.

I don't expect any terrific upside, but if I am surprised I would not like to be skewered in my shock. I'm making money at both ends this week, which is nice since I am the one skewering in that case; but I have no pretense for keeping perfect.

Bears can go back to grumbling. Bulls can go back to foaming. I'm just a working stooge trying to eat a worm now and then.

RINO (remains a beast) reported today. I'm foaming some over that one, but still no sign of a 2ndary date. I did trade into SWI today though, with the same outlined strategy. SWI management held 73% of the outstanding shares prior to today's offer; priced at 18.75 and will be benched there, on closing basis.

One note: yesterday aggressive accounts were really 10-to-1 net-short and not 2.5-to-1 as originally posted (I failed to update that part of the position) Some were confused why conservative accounts were twice as short as the aggressive. Today's allocation below now is accurate. It's not like you care, I know, but I have a couple of widows and orphans around here that really do give a damn.

Aggressive Accounts:
-Total Position: ~1.5-to-1 net-short, considering levered (2x's) TWM hedge
-57% invested overall
-Pure-longs = 27.5%
Currently Long: (according to size): HMIN (6.2%), SWI (5.3%), ASIA (5.3%),HRBN (4.6%), RINO (4.2%), CYD (2.2%)
Currently Short: (according to size):
-TWM-long (Russell 2k Dbl-short, 15.2%), WTW (4.9%), PEGA (4.9%), GS (4.7%), BUSE (covered today, 3.21)
(Note: inverse-ETF TWM represents being dbl-short the respective index).
Futures Accounts:
-20% Short Dec SPX, from 1090.25
-10% short Dec Euro: trading actively - presently short 10% from 1.4885 (updates coming via Twitter here)

Other Accounts:
-Total Position: ~1.33-to-1 net-long, considering levered (2x's) TWM hedge
-38% invested overall
-Pure-longs = 26%
Currently Long: (according to size):HMIN (6.2%), SWI (5.3%), ASIA (5.3%),HRBN (4.6%), RINO (4.2%), CYD (2.2%)
Currently Short: (according to size):
-TWM-long (Russell 2k Dbl-short, 11.3%)
(Note: inverse-ETF TWM represents being dbl-short the respective index).
Futures Accounts: NA

Bear Market for Bears

Life is tough for bears again today, as the ridiculous market rally takes them once more by the horns and runs with it.

Bears remain right, heads and shoulder patterns above the rest. I mean, we've moved too-far-too-fast, well, too-far and too-fast. The market must be rallying out of spite at this point. Anyone in their right mind knows it's completely unreasonable. Lives will surely be taken now and soon.

Fortunately, I remain an idiot.

One bone-fide negative divergence - the Dow is leading the major indices higher. The Nasdaq, NDX and Russell-2k have yet to make higher-highs along with the Dow. The broader NYSE has managed a marginal higher-high, but you don't like to see Jonestown leading a charge higher; especially should the NDX and Nasdaq turn down at lower-highs.

Fine. In the time it took me to write, link and edit the previous paragraph, all but the Russell-2k have traded now to marginal higher-highs. If the market reverses lower today, it will qualify as something ugly (something like a doomed house head and shoulder head fake) - which would indeed force me to adjust.

In the meantime, Chinese growth names traded in the U.S. continue to lead (leading even those Dow Jones's) in the U.S. and I have to answer as to why I have any hedge on at all just now.

Bah!

-Total Position: ~1.75-to-1 net-long, considering levered TWM hedge
-67% invested overall
-Pure-longs = 52%

Currently Long (according to size): ASIA (7.4%), HMIN (7%), HRBN (7%), WATG (6.2%), DGW (5.3%), RKT (5.1%), CFSG (5.1%), CLW (4.5%), ININ (4.5%)

Currently Short (according to size):
-TWM-long (Russell 2k Dbl-short, reloaded today, 14.8%)

Futures Accounts: no current position

At Gravity's End

The question on the Street is evolving now to whether we'll hold and close above Dow 10,000 (that important psychological milestone), or will we see something resembling a pull-back.

I need a new career - more certain than ever now I'm very likely, definitely doomed. My only hope is Trish is off the air when 10k is hit. I'll likely be forced to sell everything if not.

Internals are strongly positive, but not severe today. INTC, JPM and Dow 10k hats are dominating the headlines, but it is the Chinese ADR's which continue dominating leadership growth.

Security software provider Asiainfo (ASIA) is the latest big breakout. ASIA is doing major volume, breaking out of a roughly 6-month base.

I like this thin name Harbin Electric (HRBN) perhaps most. This is the stock that broke out on the news they were buying another company (an accretive deal; I do like breakouts where the catalyst is driven on buying another company).

RINO (Rino International) is the exception today, but that stock was extended beyond extended, so I'm not ready to call an end to the Chinese growth-stock surge just yet. I unloaded the RINO position at the open today (>27). I will likely lay-off now at least until they price the upcoming secondary.

I don't want to speak more than that, sorry. Good luck with your shorts.

-Total Position: 100% net-long
-60% invested overall
-Pure-longs = 60%

Currently Long (according to size): RKT (7.1%), DGW (7%), HRBN (7%), CFSG (6.4%), ASIA (6.2%, going on 7%), HMIN (6.1%), ULTA (5.1%), CLW (4.2%), SWM (4%), PTI (4%), CHBT (3.6%)

Currently Short (according to size): no current position

Futures Accounts: no current position

Vesuviusness (leaving the country for now)

Apologies for the lack of recent posts, but get used to it Señor Chase - I'm about to blow this coup.

Tomorrow I leave for the land of Ferrari's, Fellini's and Fems. This year's version of my annual Rest-and-Refresh, Rot-not and Reconnoiter; well-east of Wall Street's. I'll be in Rome on Monday and climbing into volcanoes by the weekend.

I will do my best to upload along the way - understand that lava may be dormant from time to time.

My accounts currently hold 10 longs (roughly 48% of portfolios).
Each hold a single hedge, TWM (13.6% of portfolio).

-I let go anything which became questionable (oils for now and a gold position).
-Aside from PEET, I'm left with Tech and Internet (which frankly is acting best).
-I have a tight stop (presently) placed for the TWM-hedge near 41.50 (this is indeed tight, but Friday began very strong, gave up more than half the gains and then finished reasonably well; I feel rather confident that should Monday start-off strong, the market will drive higher throughout the session. I'm not calling for a strong Monday (slightly doubting it at moment), but only that after Friday's pivot-up and then slowing-down some, we will not give it up a second time if the market opens more than a little upward; hence the tight stop on the bench.
-I have stops in mind for every long, but frankly most of these are going to count only in the last 90 minutes of trading. For ex., ASIA may see a slice downward, but I don't want an open stop anywhere close since it may indeed recover the same day. Most stops I have open at moment are far away in price - the real bench is tighter, but if I cannot witness it live I need to give them until the final 90 min or so trading; dependent on volume, price action, RS, etc.
-I let go the SRS as the real estate muck (IYR) began taking out highs late Friday. SRS is higher beta and if the IYR runs higher now Monday, SRS will normally see a 5-15% decline (I don't want this name if going down). If the market looks bad though, SRS with a simultaneous stop placed is an easy way for me to neutralize pressure; hence if the world is for sale in the premkt on Monday, I may put SRS back-on here before the open.

At the moment I still think leadership is acting well, while the market is acting so-so (although it is acting better than the current perception out there, imo).

On Friday, July 3rd and Monday 6th, I'm looking to go light (sooner if the environment returns tricky or difficult). This is as I mentioned before - unload into seasonal strength...then take some rest unless the market continues steadily and measurably upward. I arrive in France then on July 7th. If the market is refusing to let me rest, I'll be there for it. If it is typical, quiet July fare, I'll stick with the plan of resting-up for the second half.

Adventures will be posted - even if trading is light. Get outside!

Total Position: 3.17-to-1 net-long (plays ~2.25-1 net-long considering levered TWM), 57% invested

Currently Long (according to size): ASIA (6.1%), CYOU (5.1%), RAX (5%), SNDA (4.4%), ARST (4.3%), TQNT (4.1%), LFT (3.9%), MRVL (3.5%), PEET (3.5%), PAR (3.1%)

Currently Short (according to size): TWM-long (13.6%; Russell2k Dbl-short),
(Note: inverse-ETF TWM represents being dbl-short the Russell 2000)

Futures Accounts: no current position

Quicknote on Hedge, Wheel-O's and Cramer Dividends

I'm going to be a little busy this week, as such I'll be posting less. I will however continue to Spit-twitt new trades live.

We have something of a pullback, so I'll take a minute and explain how I am hedging for it. First, Friday ended much better here than it began, capped-off in the after-mkt by two lovely set-ups courtesy of Dr. Cramer. I got short HBAN up in the nethersphere (as high as 13.5% above the closing price) and I also got to unload my largest long, TQNT, also in the exosphere (6.325, greater than 9% above the closing price).

So while ravaged, bloody and bitten early Friday (somewhat), I got back to the cave with dignity and well, grace. More Kisses for Cramer. That guy that keeps on giving.

I just let go the Chinese hedge (FXP) and from here I will look to hold my (4) Chinese growth names (CYOU reloaded again today). If tomorrow is down further and there is no sign yet of a bid in the market, I'd prefer to reduce exposure and the number of longs, instead of re-loading another FXP-hedge.

I'm still holding TWM and SRS. Given the severe negative breadth on the day (volume however, is relatively low). I increased TWM intraday, but I expect to back-off the additional shares near the close (sooner if the market catches and keeps a bid). So while I'm closer to flat at the moment, in terms of exposure, I'll go into the night leaning around 3-1 net-long, depending.

If the market still lives, then by tomorrow we'll see something resembling strength. If we are ugly still tomorrow, I'll reduce exposure by shrinking the number of long positions (holding winners first); let the remaining hedges go then according to the action, exposure-long, etc.

And certainly, I don't mean to suggest that the market cannot begin trending downward now (I just need to see it and respond before giving up the easier job of buying leadership in a good market instead). Who can blame me for that?

In fact, my go-to voodoo guy is spinning perpendicular right now and that has me a little nervous (not kidding). The illustrated chart above comes from TX Tornado's post The Wheel. Apparently, price, time and areas of Da Vinci influence are are all in harmony (my description). (SPX 950 was tested on 6/5 at a time/price which was 90 degrees from the 3/6 square and previous resistance).

I don't know what any of that means. Frankly though, I don't need to. When the universe lines up its ducks and starts playing Wheel-O with the markets, I keep my guard up.

Let's see what transpires.

Total Position: 3-to-1 net-long (plays 1.5-to-1 net-long considering levered TWM and SRS), 66% invested

Currently Long (according to size): ASIA (increased today, 6.3%), SWN (reloaded today, 4.7%, WFT (reloaded today, 4.6%), RAX (4.3%), ARST (4.3%), LFT (3.9%), MRVL (3.6%), PEET (3.5%), CYOU (reloaded today, 3.1%), SNDA (2.9%), AU (2.9%), JDSU (2.1%)

Currently Short (according to size): TWM-long (13.7%; Russell2k Dbl-short), SRS-long (2.7%; US Real Est. Dbl-short)
(Note: inverse-ETFs TWM and SRS represent being dbl-short the respective indices)

Futures Accounts: no current position

Pelted (shift towards neutral)

While I've been fiendishly attempting to neutralize exposure, reducing names and adding hedges, my brand of longs today are taking it worst on the tape; especially Chinese-growth ADR's.

Whereas earlier in the week leadership growth was rising, regardless of the rest of the market, today the Dow (for example) is relatively flat while leadership is giving it up considerably.

The market has teeth - even for me.

On the positive side, a slam-thrust down following strong, lengthy moves higher can be bullish action (in that the first hard slice lower very often marks the short-term lows for such stocks going forward). But that is hardly worth praising out-loud when you're being taken out back and flayed. I have somewhat neutralized my position, but frankly the beta of my longs is higher than the hedges, so dollar-for-dollar I'm still a little more long than it looks currently below.

Also encouraging, the reversal on ARST following last night's eps report looms positive. Forward guidance there was an issue, but the market has a different outlook there.

I'll incrementally cower out of this stance if things worsen from here. Otherwise if it does develop such that today's lows on the growth names look to be holding, I'm wearing them from here.

Lovely furs of growth in that case.

Total Position: 2-to-1 net-long (plays 1.18-to1 net-long considering levered TWM, FXP, SRS), 61% invested

Currently Long (according to size): TQNT (5.3%), ASIA (4.5%), RAX (4.5%), ARST (reduced today, 4.4%), LFT (increased today, 4.4%), MRVL (3.6%), PEET (3.6%), SNDA (3.1%), AU (3%), JDSU (2.1%)

Currently Short (according to size): MA (6.6%), TWM-long (6.6%; Russell2k Dbl-short), FXP-long (4.8%, Xinhua China Dbl-short), SRS-long (2.5%; US Real Est. Dbl-short)
(Note: inverse-ETF TWM represents being dbl-short the Russell2k index)

Futures Accounts: out of Long Russell-2k Sept, 528.25 ave. (+3.2)

Holding Long (now hella wrong)

I hesitate to say I'm down much less today than this position gained yesterday, since that sort of statement flies from lips of blindfolded fools standing before squads of itchy fingers.

All the same, I'm playing a bit of rope-a-dope here. Daring this market to shoot me.

The Fed's beige book was just released; following the lack-luster 10-yr auction results; following the negative reversal in equities this morning; following coffee stains mounting my rotting teeth.

Nothing more brilliant to say than that, sorry. I may end up hedging and/or reducing before the day is through. If we're not making lower-lows in the final 90 minutes of the day however, I expect to hold pretty much pat.

I re-bot CYOU today under 40. It's still extended, but it's still a monster; until it isn't.

Accounts are back to flat now on the day as the market catches a small bid. I'm really in for it now perhaps. Twitter the fool if you care to follow.

Total Position: 6-to-1 net-long, 56% invested

Currently Long (according to size): TQNT (5.3%), ARST (3.6%), RAX (4.2%), WFT (4.7%), ASIA (4.7%), SWN (4.6%), PEET (3.8%), CYOU (reloaded today 39.96, 3.3%), SNDA (3.4%), AU (3.2%), LFT (2.3%), JDSU (2.2%), FNSR (1.9%)

Currently Short (according to size): ONXX (4.1%), MYGN (3.9%)

Futures Accounts: no current position

Fuzzy Bear Trap? (quicknote on the new week)

Action is further negative so far today, following Friday's reversal lower, but there is nothing yet overly concerning in either market internals or the behavior in leadership stocks.

I wouldn't suggest we're good to reverse higher today and things could deteriorate further certainly, but I am not against adding-back to longs on the weakness. Volume is declining from Friday's pace (constructive) and neither market breadth, Up-to-Down volume ratios, numbers of new 52-wk lows, or really anything else I am seeing point to an imminent rout. Certainly, the ever-bear camp of SKF/FAZ/SRS, etc. is not getting a ton of relief just yet. Tomorrow is another day; further weakness would cause me to increase defense; one step at a time; we'll see.

Easy game ;)

As far as hedges, I shifted from SDS to TWM (as the Russell2k is weakest of the majors on the session).

Total Position: 2.18-to-1 net-long (plays 1.40-to-1 net-long considering levered TWM); 56% invested
(Note: inverse-ETF TWM represents being dbl-short the Russell2k index)

Currently Long (according to size): TQNT (re-increased today, 4.8%), ASIA (4.5%), SWN (4.5%), RAX (4.2%), WFT (4.2%), PEET (3.8%), ARST (3.4%), SNDA (reloaded, 3.1%), AU (reloaded, 3.1%), CYOU (reloaded, 3%)

Currently Short (according to size): TWM-long (new, 9.9%; Russell2k Dbl-short), ONXX (4%), MYGN (3.9%)

Futures Accounts: covered 20% short Jun NDX, ave. 1476.50; from 1495.75 ave Friday

Mush!

I may have spoke too soon yesterday. Like the end of Grizzly Man, where the guy decides to stay too-long into the pre-hibernation period and that new loner bear comes around whom he has no previous relationship with - that's the bear who eats his ass. No care to what a good guy he is/was. Chomps without reflection.

Well, maybe not that bad. You bears are sweating some. We're all sweating some. Wake me up when one of us is getting eaten.

We're back to murky, mushy action. Retail is taking body shots, following housing revisions and rising foreclosures (apparently, up to 8% of mortgages are on the stretching rack). Otherwise the market remains as half-full as it is half-empty. If you are picking good stocks to play (long or short) then you are doing alright. If you are expecting huge fireworks, then you are living in the wrong month.

I'm flat on the week, somehow!, but daddy still needs a new pair of snowshoes if you know what I mean. I'm focusing long (though lightly invested) until we can actually break this trend. If action waxes uglier now I will have to hedge at least; but so far I remain patient. If we resume higher and leadership is firm, I'll be happy to increase exposure.

I cut-back the Euro short last night and might be happier now if I had let it all go (it has recovered from last night's sell-off). I was bailed-out nicely this week, but if the dollar is truly weakening again I'm not going to take a second ride against the tide there.

Gold is at a 3-month high. I still favor LIHR, which broke out last week on reasonable volume. This has been a nice pair-trade to my dollar short. If you forced me I would admit the gold trade looks better than the dollar short (but what do I know anyway?).

As far as other longs, RIMM and that group of Telecom-Wireless equipment stocks remain quite firm, while the Internet-Content trio of CYOU, SNDA and NTES continue to suggest that institutional money has still got game(rs); and I continue to see ASIA (Asiainfo, from the Internet-Solutions group) as the most powerful, reasonable break-out leadership play. There are other bigger gainers out there, but I'm not swinging for 150% risers who've suddenly cured the need for cancer.

Tread well my friends.

Total Position: 100% net long, 38% invested

Currently Long (according to size): CYOU (9.4%), ASIA ( 6.5%), LIHR (6%), SNDA(5.8%), PZZA(4.3%), PEET (2.9%), MRVL(2.9%, reports this evening)

Currently Short (according to size): no current position [was just stopped on MDT]

Futures Accounts:
-Short 20% Jun Euro last night, 1.3683 ave. (covered 10% last night, 1.3793)
-Short 20% Jun BR Pound, 1.5602 ave.

Stuck

When the last trader on Earth sells this dollar, let me know. That's going to set-up a nice trade.

Wait. That guy is me. The dude with a hot-poker stuck to his insides.

Fine, I admit it. I waited a few days, but I admit it. Now I don't even want to make money on this trade - I just want out. That's the psychology of a bad or poorly-timed trade (poorly bench-marked in my case). Now I've got to step over my own dead body to make money here. Who wants to perform like that?

Nature of the beast I guess.

I love my job, don't get me wrong. But it can get ugly. Sticking-out multiple parts in varying directions means occasionally something's going to get whacked. This is why you have got to be disciplined. This is why you can't let a loss get momentum on you.

This is why you want to push on players stuck in such a rut. Push push push until they either break or until some miracle bails them out. They're basically a zit that has one general destiny (pressure will build and build until something pops). I want to be pushing on that zit, I don't want to be the zit.

My futures accounts lately have been the zit.

Okay, okay, it's not all bad. These same zits losing money in futures this week performed very well with equities (still!). We're all shocked at how quickly you can return-to-sender gains in futures - but we're big boys, no? We're still printing money and the other side is still giving it away.

I'm not the only incredibly successful dolt on this planet right now either. The battle between Kobe and Carmelo is epic (if you haven't seen) - an epic war between two guys who are well-matched and uber-determined to out-perform the other. One guy is older, more cold-blooded and experienced, but the other guy is coming-on, bigger and with a longer reach (and frankly, quicker on the ball/boards). Anyhow, Kobe was in the zone of zones late last night; sick, cold-blooded zone - the kind that means he'll eat your children before he blows the opportunity. He was going to make his shot from anywhere on the court and he had demonstrated this several times in the fourth quarter (with Carmelo literally in his face). So when it was down to the final few seconds and his team (Lakers I think) needs 3-points to send it into over-time - the greatest basketball coach of all freaking time designs a play to get the ball to some ancient-glory old guy who throws-up prayers these days from behind the arc. Kobe doesn't even touch the ball. The play was sent somewhere else. No way to cash in like that. Half-off greatness coupon with the expiration date expired. Jaw dropper.

When I saw that, I felt better about having misdirected this currency trade. I gave the ball to Fisher. Fisher didn't eat any little children. I'm sitting here with dollar-off egg on my face.

Fine. Today is that ever-lovely brand of pre-holiday seasonal strength. Only this time the market is a bit suspect coming in, so no whole-hog approach (if we re-cave later in the session it won't be a shocker). I did adjust for this and fortunately my longs today are walking over my shorts (hence, even though I'm still slightly net-short, equity portfolios are up nicely).

Towards the end of the day (or sooner if things should deteriorate) I expect to re-shift back to net-short. This is either a negative or else dull market now, until proven otherwise. I have my views, but I am still not sharing. I will however do my best to keep in stride with it as it develops. One half-step behind in most cases (which is unlike being the only guy left who's long the dollar).

Good long weekend. I'm going to get outside and kill something. I'll be back with my updated kill-list of shorts by Monday night. Don't do what I do - now you know why I'm always saying it/

Total Position: 1.07-to-1 net short (plays 1.19-to-1 net short considering leveraged SKF), 63% invested (NOTE: stepped out of SDS temporarily for seasonal strength. Will likely go into wkend closer to 2-1 net-short, depending).

Currently Long (according to size): ASIA ( 6.7%), CYOU (6.1%), LIHR (5.9%), SNDA (reduced, 5.7%), BKE (3.7%), PEET (2.9%)

Currently Short (according to size): SDS-long (temporarily 0%; SP500 Dbl-short), STRA (5.1%), NTRS (new, 4.1%), NDAQ (4.1%), CAL (new, 3.7%), SKF-long (3.6%; Fncl's Dbl-short), MDT (3.5%), FULT (3%), CNO (2.8%), SKYW (2.8%)
(Note: inverse-ETFs SDS and SKF represent being dbl-short the respective indices)

Futures Accounts: (still stuck and buried long these)
-Short 30% Jun Euro last night, 1.3683 ave.
-Short 20% Jun BR Pound, 1.5602 ave.

Options (relevant accounts): no position

Ruff and No-Tumble

Volume is running at a higher clip today and leadership is still rallying. So even though the market's overall gains are subtle, under the surface things remain firm.

For now.

I took body shots being net-short most of yesterday, but today is more than making up for it. I made adjustments, both yesterday and earlier today, but I'm still keeping things close to market neutral (although my longs are high-beta).

If oil prices and the Euro vs. Dollar stall-out here, I think the market will soon stall as well. Look for this. If these keep rallying, I'll keep looking for leadership names breaking out of nice set-up consolidations and key them long.

ASIA is the breakout of the day today (highly ranked stock within a highly-ranked and rising relative-strength group, breaking out of a nice looking 6.5-wk base, on a volume pace now about 3.5x's normal). It's less than perfect, but reasonable. Perfect is when RS runs to a new high ahead of the price (RS here is a little below the previous high, even though stock price is now at a NH; so, a negative divergence there); and volume would be nicer if it were running greater than 4x's normal (which it may still manage if it surges last hour). I like above 4x's ave. vol. for an indication of power in a breakout. I'm not complaining, but as such I didn't increase beyond my initial 5% attack as it broke above the 18.63 pivot earlier this session. I hold this much still and will how well it follows through.

SNDA is breaking out today as well. I didn't add from my existing position though, as the base is less than 5-weeks old and volume is not much better than 2x's average. Often it is best to trade out when there is a low-volume breakout (especially given that the previous base was extended in price), but this name has been so powerful in the past I will give it greater respect; risk losing some of the meaty gains there.

CYOU I added to earlier when it was still down on the day, since SNDA had begun exploding up and it made sense CYOU would follow. Better lucky than dumb sometimes. I'm a bit of both, which is why I out-perform most market geniuses.

Also, I'm trading MDT short following earnings released this morning; paying me a small dividend for the 400 some-odd hours I spent updating my working short list posted last night. Scroll down if you dare.

All these boring trades are being spit live via Twitter (for educational purposes only); if you come here only for the pictures then you are on the right page. Otherwise all of this is old news by now.

Blah blah blah - when is the market going to top, right? Watch the Euro. If it turns the equity market should soon follow.

But may as well grab what it is giving in the meantime. The rally may out-live all of us for all I know. That's not a recommendation however. Gotta be too late to make money now. There's only an hour left on the session.

Total Position: 1.42-to-1 net long (plays 1.06-to-1 net long considering leveraged short etf's), 56% invested

Currently Long (according to size): CYOU (9.2%), SNDA (6.6%), ASIA (new, 5.3%), WNR (5.3%), DRI (3.8%), PEET (2.8%)

Currently Short (according to size): TWM-long (reduced to 4.9%; Russell2k Dbl-short), STRA (5.3%), AIPC (4.1%), BKE (3.5%), SRS-long (2.7%; US Real Est. Dbl-short), CNO (2.2%)
(Note: inverse-ETFs TWM and SRS represent being dbl-short the respective indices)

Futures Accounts:
-Covered SPX Jun today, 904.50, from 911.75 last night
-Short 20% Jun Euro last night, 1.3577 (no stop at this moment)
-Short 10% Jun BR Pound today, 1.5499 (no stop at this moment)

Options (relevant accounts): 0.4%, Sept GM 2.00 puts, paid 1.57