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No relieve in sight from the Feds

HAVING TROUBLE PRINTING?
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Between no relieve from the Feds and the continuing saga of the credit markets, led by Countrywide. It looks like there is no end in sight.

Unless we get a bounce today, we should be prepared to close out any short puts that are in the money against us and take our losses. I gave you a list of alternatives last night that might serve as a bandage.

I didn't expect the Feds to intervene with a rate cut and I think this credit squeez will just have to play itself out.

So unless we get a bounce we should be exiting all positions today that are in the money against us.

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