Trade Update for 01/15/09

With today's very consistent action (a Wednesday hallmark), the market is indicating that it's in breakdown mode. It's prepared to go lower, and the bad news has not been priced in. Whether the November lows are even the lows for this part of the cycle is now in question.

We sold our last long position today, and our portfolio now consists of a single short-biased position.

Current Holdings
Ticker	Basis	Closing Price	Perf.	Sell-Stop	Additional Exit Guideline	Chart
SMN	40.31	42.28	+4.9%	37.97	N/A	Chart

I'm going to sit the next one out, maintaining a bearish bias with our short ETF. Charts are not looking the way I like.