As of 20 minutes ago Doug Kass was layering into more long exposure with JPM and PNC (banks)  I have readers telling me to cover.

We have some enormous intraday gains on these puts... for once I'm going to be greedy.  We'll be willing to give up all the gains up to say S&P 1049-1050.  If so, we'll just end the day where we began, which isn't a bad outcome either.

It really is a lonely existence being on the dark side of the market.  Oh well, I still have my friends below and together maybe we can beat Kass and Summers. 

Did someone call us?