Beautiful Morning!!!

Waking up at 5am and seeing futures down 180pts was a pleasant way to start the week for an owner of numerous put positions. It turns out that despite the recent run up, everything in our economy isn't so rosy after all. GM bankruptcy talks this morning, and Geithner's admissions that the banks will need more money (UH, really?!?!) have the bears feasting on our most recent bear market rally.

I haven't done too much today so far. I did sell half of the FAZ position I bought last week at the open. Other than that I am sitting tight and just watching the market fall. Depending on how low we go today, I will contemplate taking some profits....

My favorite position is DF puts. What a beauty!!!! Also, GE puts seem to be shaping up nicely!