Damage

There was some real damage done to some serious momo names today.

LVS -1.75, 11%
WYNN -6.94, 11%
BIDU -49.31, 11%
X -3.17, 8%

The averages hung in there relatively well considering the damage done in the momo names.
When stocks like BIDU are dropping 11% in a trading session it shows you where the stock renting momo hedgies are hiding. Moves like this are quite possible in names like GOOG, AAPL (even though fundamentals are awesome), AMZN (insane valuation) and GS. Being short the market still Im nervous about a move back up as managers mark up their books into month end. I butterflied off some putspreads today and am actively looking for names to buy volatility in. Playing one new issue tonight, Vitamin Store, and one secondary in Private bank (PVTB) that stock has dropped by over 50% in the last few days - thats why I like that deal - much less risk than a few days ago. Random thought: Treasuries are an outstanding long term short - think about it - governments revenues down - expenses (unemplyment benefits,stimulus package)way up - bond issuance way up - this is one of the ones that I see as just freaking obvious - thats why I have bought TBT (short gov bond etf) in my fund, my personal account and my kids accounts.
One last thing - I am a father of four, three girls and a boy. I love em all dearly. I have been bathing my son his whole life - except when he was a newborn and I was afraid to. He's 5 now and I have been giving him his bath for a long time. After his bath, its PJs, teethbrushing, book or a story (if I can think of a good one) and then I lay in bed with him till he (we) falls asleep. I know, I know its not good for him - dont worry he can go to sleep on his own but you know what Hes only gonna be my 5 year old son once in his life and snuggling with him is right up there on my list of all time favorite things.

We'll see what tomorrow brings in market land - There are still a bunch of earnings reports...but they have not seemed to matter tremendously much.

I think the REITS are interesting as far as tape watching goes these days , Im watching, AVB, MPG, O, SLG, SPG.

Good night

JB