Action

Am planning on closing out my SKF and SDS position today. SKF was hedging my JPM, and has offset the decline in that stock. My sense is that JPM will rally into or post earnings. I will keep the proceeds as cash, so slightly less bearish but not bullish. Made 12% on the SDS, and if I think the banks will rally into earnings, hard to see SPY going down. Will keep those proceeds in cash, so a little less defensive, but am quite comfortable with my holdings. Need some individual shorts though.
By the way ACE better rally stock has been disappointing recently and it should really move to BVPS which is going to be around $48. AOCI will be a plus but also op earnings will be strong due to limited CAT losses this quarter. That would be nice as it is my largest position. Glad I took more than half of my RIG position off at $82, as the stock is way back down. BP went up and down thought the dividend yield there makes it a keeper so not touching that. SBUX has been languishing, which one could say about the whole market. I probably need to write calls again. The problem is that transaction costs are a big problem given that my position sizes are not so large for the covered calls.