Considering this market is up 6% straight, and on it's sixth straight positive day we are not taking a huge amount of damage on the short side. A few names have been completely flaccid during this entire rally, and a few others while rallying have stopped doing the +5% a day gain dance.

Quality Systems (QSII) had been ok up til today; we shorted August 10th in the mid $53s; I had originally placed my stop order at $54.25 but moved it up 20 cents yesterday to give it more leeway, but that level was just breached and we'll be out of the position for a 1.7% loss. (current price $54.54) No harm no foul on this one - the main thing we lost was a realized gain. We had about a 4% stake.

I like the stock fundamentally and it was a long position of ours for a long time; it is quite rich now but with the US stock market now at valuations not seen since 2004, I guess valuation is a moot point.

No position