There is nothing like a nice move in Citigroup to get the animal spirits roaring. The stock still has the ability to capture investor's imaginations like no other. The call buying is at similar levels to yesterday. The market is becoming more dangerous.
I am tempted to add to my bearish bets but I am holding off. It will take some time to reach the extremes of early January, as I outlined in my opening piece. I want to make sure I don't run out of ammo in case we get there. My net short position remains small and we are trading right around the levels where I initiated my position yesterday.