Closed out my SDS trade for a nice profit last week - held everything else. If the market opens up monday I'll probably short the dow or some equivilant. Reviewed last weeks comentary over the weekend the phrases I remember most are "I think" and "Tech". Stockbrokers & investment bankers close their year end books friday, should be an interesting week. The problem with living forever (at it 40 years)(God and I went to the same highschool) is that although I'll remember an event perfectly I'm often not sure exactly when or where it happened. It seems like only yesterday When I was sitting in a management seminar at the Pinehurst while our financial analyst was addressing us and reassuring us that Tri-south Mortgage was a totally safe investment. Not to worry he had personally reviewed every loan and they were all good money. Meanwhile the industry was going down like a girl I knew in highschool. I was very young and easily impressed but I noticed that our firms leading producers hand was shaking slightly as he took notes. The rest I'm sure you can guess Tri-South went from 37 to zip and towards the end my hand picked up a small tremor too.

The market surged hard today up 319 points I always hate to trade one-sided gun shot days - emotions always trump facts. Thank God for the internet now everyone can do their own research daily without waiting for a report to arive in the mail. Did a little forensic work tonight on the NYSE & CBOE websites. The option traders bought index calls on balance across all series of index options and our old friend the truly odd-lotter bought stock at a pretty good clip. These are not helpful for out friend the hog. Depending on tomorrows opening I may add to my short positions.

Some Pros running hedge funds have sold all their November put options at a profit, Congratulations. These options were what they use to routienely hedge their portfolios. The prices had appreciated to such a tidy profit that they were compelled to sell them. The problem is that for the next four days they are at absolute unhedged risk.Can you spell boggie, or should I say sleepless nights? The smell of death surrounds that statement. Lets see if they are right they make a slightely better return but if they're wrong they might lose their business doesn't sound like such a great hedge to me. Should be an interesting week!

When do I post a blog ? When I have something to say. I'm very superstitious so I usually tend to understate issues. I don't get paid by the word (it's rights $, minus wrongs $) - I make or lose real money which helps or hurts me personally. It's all about the money not the verbage. My dad made a comment once that drove that home."You can always tell the empty drum cause it's the one that makes the biggest bong when you hit it with a hammer."

2008
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