Neutral

I opened a fairly sizeable position (by my standards) in SPY 118 puts at the close. These puts are around a a little over a couple bucks in-the-money. I'm in them at 280.6 per contract. I think (hope?) the market is going to rally after the FOMC meeting on Tuesday. Despite that sentiment, I opened this bearish bet because I don't believe this big run-up into the close. I think the people who made money short yesterday and this week, were covering to get flat in front of the weekend. In addition it's the last day of the month, and long-only funds may have been defending their positions. Furthermore, on Monday the SEC is dropping the short uptick rule for many stocks...maybe Monday there will be a tendacy for people to exercise their new found freedom to short at will. At any rate, I hope to be out of this position prior to the FOMC meeting. According to IB's interactive Analytics I am now completely delta neutral, going into Monday. I'm not sure if that was my intent but oh-well.

The May Portfolio got hit big time by TWX today. Right now if TWX doesn't recover that one position will cost me all of the potential profits from the May portfolio. Of course, if it goes worse, I could start to get really hurt.