I hate these bastards so much. I am so happy they tanked after hours due to lower guidance. The only reason they exist is because pimple faced teenagers absolutely have to have to fastest hardware so that they can blast bloody monsters in even more gory detail and have it all run smoothly. This will help my QQQQ puts a bit tomorrow.

I am still a little pissed about selling my XLF puts and missing a fat move down.   On a fat move down on the XLF, you just can’t short it.  There’s too big of a risk of a bounce.  So instead of buying back puts on XLF, I decided to buy a IYR July 63 put for $2.25. IYR is the ETF for commercial real estate.  IYR doesn’t have as much falling potential as IWM and QQQQ (measured by distance from here to prior low) but at least it’s falling as opposed to IWM and QQQQ which are slowly rolling over and about to break down hard (both need to be down a few more cents to confirm). I kind of want to diverify my short setups.

Btw, I got rid of lame XLF July 23 call for $0.45.  I have no faith in owning that option as my insurance policy against a bounce.

Crap, I am not short enough.

UPS Cuts Earnings Guidance
By KATHY SHWIFF
June 23, 2008 5:09 p.m.

United Parcel Service Inc. cut its second-quarter earnings guidance, blaming an “anemic” U.S. economy and “unprecedented increase” in fuel costs for lower-than-expected U.S. package volume and decreased use of its premium air products.

Source: WSJ

This piece of news is very bad news. If you don’t have UPS shipping crap around the country, you got no economy.