Not Trading Update - April 28th, 2009

Haven't done anything in a while - except piss away some money on expiration day puts in GE.

So I'm still riding out massive losses in my shorts, particularly FAZ and SRS.

Though until today, I hadn't looked at the stock market in six full days - seriously. It was tough to *not notice* a quote given as much time I spend at the computer but I did quite well sheltering myself from harsh reality.

Regardless, I pretty much sensed that I was still getting squeezed good. Most media outlets only mention the markets when they are plummeting - and I caught wind of nothing.

One idea I have been toying with, however, is dumping my TBT, (leveraged short long-term Treasury) position and adding but more to the short financials and short REIT blackholes.

I figure if the long bond tanks, that'll finally push pretenders like BAC, WFC, JPM, SPG, etc. over the edge and back to reality.

But what the heck do I know?

Note that in the pre-spin of so-called bank stress tests:

People close to the situation said both Citi and BofA were contesting some of the conclusions made in the stress tests. Citi executives, led by finance chief Ned Kelly, are believed to have told regulators the estimates for losses on credit cards – based on rising unemployment – are too high.

I have already been somewhat proven correct.

I recently asserted in My Own Stress Test that this sham would be focused on small beer, like *unemployment* instead of mortgage rates.

Watch your Treasuries; watch your TBT going forward.