Futures

Futures are up 150 and in retrospect it didn't make sense to establish long positions in FAZ and SRS prior to G20 and the FASB announcement. I will likely get stopped out of FAZ this morning because my stop is at 17.99 and it's currently trading at 17.40 in premarket. SRS is trading at 50.20 and my stop is 47.99, so I am safe in SRS so far, but I wouldn't be surprised to be stopped out in SRS as well.

We are in an obvious good news cycle right now, and we are even getting better than expected economic data including housing sales, retail sales, and even better than expected car sales (even though they were horrendous). The improving economic data has caught me by surprise and has supplied a nice foundation for our current rally. Today at 10 we will find out if the better than expected economic data continues when factory orders are reported.

Anyway, with g20 and FASB decision soon behind us, I will likely begin adding to my shorts, particularly around the 840 level on the S&P. I will likely take it easy this morning with the FASB announcement at 11, and will hope to get out of the week without too much damage to my put positions.