We shorted a large amount of SPY after hours when we learned of the deteriorating nuclear meltdown problems in Japan. Unfortunately we didn’t short more. I’m sorry to say we did this as insurance and really don’t want to make money on this as we are still far more weighted to the long side. We listened to Robert Kelley on Bloomberg TV who is an intelligent nuclear engineer and he seemed confident that this would be nothing like Chernobyl. This reassured me but it doesn’t appear to be reassuring the market. This futures are down 31.7 pts, the largest drop since the Gulf oil spill. In fact the whole thing resembles the Gulf oil spill as the news continues to worsen despite the assurances of the “experts. Undoubtedly this will lead to a selling climax. Stay tuned, it’s getting interesting.
