Big day for the bears following a nasty jobs report that hit 500k and the Philadelphia Fed Survey that was out right disastrous. As a result the S&P declined about 1.7% today with volume that was okay. I did hedge my portfolio with a gigantic QQQQ position after the market started displaying the traits of wanting to explode higher. I held the hedge through the close, as I am a bit leary of whether the bears will hold these gains tomorrow at the open, and would rather wait until it is safer to come out and play. Overall the portfolio finished positive, though I was only about 52% short after adding Hershey (HSY) to the portfolio around mid-day.
Had a couple of laggards in the portfolio that didn’t perform as well as I would have liked today namely FCN and OMI. We’ll see what happens tomorrow. As for now I am completely neutral heading into tomorrow’s open.