Where do you stand on the position as a whole? Are we to believe that you waited every day for 12 months to short until the day before yesterday and got the exact high? If not, you are probably at best even on your puts if not still upside down due to time erosion as well as price. Also, % gains on options are less meaningful than the gross dollars made. I know people that talk about 50% returns etc, but they only have a few thousand in, so 50% is not an appreciable amount of gross dollars even though it sounds great at cocktail parties. If we get a worldwide financial crisis, you bears will ultimately be right. I do not root or gloat, I have been doing this too long to get too carried away either way.

I am one of the bulls, and did get my ass kicked the last few days. Today will be very interesting, the rally in bonds is what I think will stablize things shortly. Also, the COT report out today I doubt will show a major shift to the short side, but if it does, I will re-evaluate my positions. We could get a very sharp rally in the near term due to these two things. Most of the things present at prior major highs, are not present here, but anything can happen.

I am buying the open today in the S&P futures, which as I type this is down about 10 points from yesterdays close in the pre-market. I also bought some futures yesterday, but was stopped out on that trade. The gloom and doomers are going to get another pleasing open, if we stay here for the next hour.