Market Day Summary May 2nd

The day started with exuberance and joy from the news about BinLadin's death and ended up selling off.  Silver got hammered to the tune of 9ish% and major U.S. equity indices sold off roughly 1/5th of a percent each…except the NDX, whch stayed flat.

For our part we made good money short Silver be entering the day flat but opening shorts into the morning rebound.  Intraday trading of the ES also helped as we had two nice shorts/hedges over the lunch period and latter part of the afternoon.  Overall the portfolio still ended the day down but due to the above mentioned trades much less pronnounced.  

With currently 14 positions on the book we are treading carefully and will hedge more, i.e sell futures or short SPY) if weakness wants to continue.  

Breakout plays like APKT, FOSL, and HLX all took it on the chin today and we will keep stops tight.  Remember, you can always re-enter a position.

Let's get some rest and hit hard again tomorrow.  Chesapeake Energy is up on the earnings deck right now after the bell and Mastercard tomorrow before the open.

Rest up and talk to you in the morning



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