The Wrapup

The SPUZ closed at the same level where I wrote before, up 12 bucks or so. I went home short some nasdaq futures. today felt totally bogus to me. That IPO we got was sold out for 1.25 gain - Ill take that. That made up for some losers today. Our fund has attracted some new capital this month which is a good thing. We have positions that we would like to increase in size and more capital will give us the ability to do that. HOV vs HOVNP came in (read:worked in our favor) today, MPGpA did nothing, SPG was up a bit but I did trim my short in there the other day, I got stung by some index option positions. Next week the B teams are off the trading desks and the A teams are in charge again, what will they do?? The A team guys will still have Hamtpons on the brain for the first few hours so get ready to surf the wave. We have had a benign tape since march we'll see what sep and oct bring - will players keep fawning over stocks or is this just a massive short squeeze?? We shall see.
Doug Kass has an eloquent article over at thestreet.com - definitely worth reading.
Personal note - a good friend of mine got engaged today - thats always good news but this is a special case - this is a guy who lost both of his parents has no brothers or sisters and no aunts or uncles - for him to get married and presumably start a family is some of the best news I have heard in a loooooooong time.

Enjoy the long weekend

JB