Reaching the Peak

Futures look flat today, in light of the GDP data which came in slightly below estimates at 2.6% (consensus was 2.7) With tomorrow the last trading day of the week (I think) it well could be a tipping point. December has moved the markets up 4.8%- to put that in perspective for the year is just over 10, so almost half the year's rise has been in the past 21 days. Basically I think when the whole house of cards comes down, it'll come down rather hard. Its just a matter of when.

I'm still heavy stocks, so I'm looking to reduce positions (read liability) in the event of a downturn- not to mention when it turns back around it'd be nice to have some powder to take advantage.

So the IO call was a nice surprise yesterday (I didn't expect it to hit 1.45 so I sort of set it and forgot it) The TCK option bought the other day recovered very nicely yesterday- looking for a small shoot to get us out of the red and into the black, (another +1% move today will do it).

Other moves I'm still heavy DGIT, so a move up I'm a seller of 25% of my position. Everything else I feel pretty good about.