We've HIT THE BOTTOM

Just kidding. I am still amazed how every time we get a rally people claim that we have hit the bottom. It's very annoying. Anyway, today was good and my bullish slant, although very frustrating and stressful the past day or so, worked today.

Today's moves:

• I sold a few SPY calls at a small profit, but still maintain a decent position.

• I added puts in Dean Foods, (DF). I did this mostly because of the technicals. It is hitting its downward trend line from 2007.

• I sold my KRE puts today, closing my entire position. I will enter this position again if we get more of a bounce and I can get a good entry point.

Today's little rally was nice to see, but I really don't trust it. I didn't benefit much from buying beat up stocks like IYR and MET. Unfortunately, we didn't get the short squeeze in the beat up sectors that I expected. Let's see what tomorrow brings, and if we can run the S&P up to 740 before we continue the long tumble down.

Also, my two big losing positions are CBRL and AZO, and I have a very small loss in FNF (i almost sold this today but decided to hold). I do expect CBRL to rollover, but I'm not so sure about AZO. I am thinking it may be time to take my loss, espcially if the market does start to rally. I will continue to monitor these positions.