Averages are still teetering back and forth on the 20. We bought spxu (triple short s&p 500) yesterday into the close to hedge out the portfolio since we have mostly high beta, risk on names that could begin to break down if the averages keep performing like this. Of course, the market was up almost 150 points today- just our luck. But this move was not intended to time the market. If we wanted to do that we would have hedged with put options. This was a longer term move expected to last 1-2 months- a luxury that options do not provide unless you want time decay to distort your hedge. Updates to follow…