Still 55 minutes to go but I feel piggish and while certainly we can squeeze the last breaths out of shorts I am done for the day with my SPY calls. Effectively there were ridden from SPY 95.9 (right before 10 AM) to SPY 98.0 ( a few minutes ago) which is just over 2.1% on SPY. (S&P 500 ETF)

SWG-HS (SPY 97) and SWG-HT (SPY 98) generated 40% or so in that time.

So it was a good day and why they (if you get them right) are superior to a 3x ETF.

Other than one 5 minute tick right after 2 PM, the brown support line held all day. The only part of our plan we laid out this morning that we changed was not waiting until 3:30 PM because frankly, I can go take a month off now if this was a real mutual fund and go read on the beach. I continue to be amazed at the relentless nature of these trend days. [Trend Days] If you cannot fight the computers, join them.


Back to cash and our risk profile is back to turtle position.

I can't wait to do the exact same thing on the downside ... boo yah. I'm looking at you S&P 906.

EDIT 3:50 PM: Remember Starent Networks (STAR) and Riverbed Technology (RVBD) report tonight. We cut back most of our holdings in both - personally I am hoping for some fly in ointment so they tank and I can begin buying stocks near a support level again. We also have (BIDU) but I have just been sitting on a tiny position there for a good 2 months, doing nothing with it. Greenhill & Co (GHL) - another company with tiny exposure we have not touched in a few months also reports.

I am also looking at RFMD to see if it can replicate TriQuint Semi's success. A blast from the late 90s is PMC Sierra (PMCS). Don't forget Broadcom (BRCM) - its communication chips going wild tonight! Juniper Networks (JNPR) reports in routing. I will be watching these while CNBC is obsessed with Microsoft (MSFT) and (AMZN)

And don't forget those 2 darn credit card companies.