NDX and RUT both dropped today for a decent return of 1.6% in the double funds.

SRS - Cooperated and gave me a 4.17% pop today. Nice breakout there.

FXP - Didn’t participate even though FXI was down today. It did a little pullback, but the charts still are saying buy, which means sell for the FXI.

CPST broke to a new high again today. I’m not in it, but I want to get back in asap.

UPS afterhours had not so great news, I’m looking for a gap down open tomorrow or just a flat out nasty opening where I will take some of my short position in the indexes off. Looking for a bounce so that I can reshort it.

The tide has turned and looking for broad short ideas going forward is going to be easier than swimming against the current with long ideas.

Two short ideas that look interesting to me are CVS and KR.

If you like this post, check these out too

• June 26, 2008 -- Market Dropped Big, I Don’t Care, I’m Short
• June 25, 2008 -- Tied Up In This Mess of a Day
• June 21, 2008 -- Market Goes Woosh
• June 26, 2008 -- Well This Is Nice

Thanks for reading

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