FITB & GLD

I couldn't ask for better performance from these two positions. Gold looks incredibly strong on nice volume and FITB looks incredibly weak. It's still early though, so hopefully they will both continue to perform.

The past few days many banks have sold stock to raise capital. Selling to (in my opinion) dumb investors. A sign of strength in the market would be banks buying their own stock, not selling it. However, they don't have the capacity to do so. They are taking advantage of the latest rally and selling at the peak while they can. Obviously, they wouldn't have been able to raise money in March when the market was at 6500 and optimism was 0. Anyway, I don't think it will be as easy for all banks to raise capital as it was for Goldman, Morgan, etc. I think FITB will have trouble raising funds. And they better hurry to market before we deteriorate further. When they do offer, I know they will have to do so at a discount to the market which should further depress their share price and enhance the price of my puts! I see FITB heading back to the mid 5's very soon.