Just a quick note. Our market risk indicator flashed today at the close. We always wait for confirmation on a weekly basis so we won’t have an official signal until Friday. If the signal holds till Friday we’ll be moving our current 100% hedge away from a simple short of SPY (or SH if that’s your preference) to an instrument that is more aggressive. Some examples would be puts that mirror our portfolio, managed short funds like HDGE, BEARX (use with caution), or midterm volatility like VIXM or VXZ. As always, don’t use any financial instrument you don’t understand (options, volatility, shorting).