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I’m putting that trading account money to work on a gap down tomorrow and it looks like that is happening due to another slaughter in the Asian markets. I think the Lehman CDS auctions tomorrow are important and that uncertainty will be gone from the market around lunch time. Today was the washout and tomorrow …

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If the market has one more big afternoon to the downside. Not only will true panic happen, but I think it will finally cause the capitulation. I’m looking at SPY and NDX calls here if that scenario materializes and the reason I sold my leveraged ETF’s, even after getting my nuts squashed by an elephant …

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I sold my leveraged ETFs into the pop this morning taking losses in the 16-21% variety. No more SSO, QLD, UWM. All cash there. However, I still hold leveraged mutual funds and I only do that because of the timing issues. I plan to buy back these leveraged ETF’s if we get a shit storm …

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Bought TWM @ 61.66 for another trade. There is a large difference in the leveraged ETF’s vs their benchmark values today. RUT up 3.5% x2 should be 7% for the etf. However, the TWM is down 9.7% and the UWM is up 9.8%. I’m arbitraging baby.

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I’m long the indexes and they are doing well today. Dow has hit +200 on the day. Double funds and leveraged ETF’s are doing well. FRPT bought yesterday is having a minor breakout today. I’m expecting considerably more upside. QCOR still performing. MRVL bouncing. Bought: BBY – Charts look good. I’m looking at CAKE, CPKI, …

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