Trades

buy 10% DUG @ $14.68. This is a couple-month bet on drop in oil price. This is the seasonally weak part of the year for oil. The dollar is at strong support levels. There are no hurricanes. Durable goods orders are still falling, so no industrial demand. China seems to have finished stockpiling for this year. The ultrashort is hard to borrow, so there will be a short squeeze if oil has a big drop.

short 20% SPY @ $104.90. I believe equities are overvalued and earnings
reports are going to be dismal. Especially consumer discretionary and retail. Consumer credit is collapsing and unemployment is going up. The consumer is still cutting back and will continue. Also, I like the idea of "renting" shorts over the weekend. Any news that comes out is more likely to be bad than good. That's the reason for a 20% instead of a 10% position.

Missed the boat with KBH. They came out with ugly losses and promptly
fell over 9%. Should have shorted them yesterday.

Will wait for better time to short ANF and/or RTH. ANF doesn't report
until November.