A point someone brought up late today was that I had no position in the NASD..

That’s correct..However, many of you do have on all or some of the correlated trades whether it was short the Midcap,Russell,OIL, long dollars ect., so I try and please everyone with guidance to manage the positions clients tell me they have on. The main point being that today many clients had similar one way bets across a wide spectrum of instruments. (RISK OFF)

The Focus of the last update was to say in as nice a way as possible ( I’ll withhold the colorful epithets today) to take some money off the table! To that end, cover a good portion of the other one way bets.

Have no fear, they’ll turn on the machines tomorrow!

MODEL TRADING PORTFOLIO…CURRENT HOLDINGS

LONG TERM HORIZON….

Long GLD,SLV,

SHORT/MEDIUM TERM HORIZON

Short S&P 500 Futures or Long SDS …30% of original position

We have paid for all these trades. Only small positions are left. ( We’ve locked in the majority of the gains)