just more stuff

Two trades:

short GS @ 220.14 - any ABX index mortgage backed security now costs more to insure against default than it's worth... meaning that losses cannot be hedged against. BBB and BB rated mbs's have lost an average of 30%. Time for the creditors to call in their debts. GS has the most hedge fund exposure or the big five, but they all fell 10% in tandem in February.

long NFI July $2.50 puts for $0.05. - No, I don't think they'll be out of business by then. However, no one will buy them out now, and they might lose more money on their next sale of mortgages.

I still have some ammo on the sidelines, but now I have a 1.5:1 short ratio (60:2 if you count potential for options)