At the beginning of the week I started to worry that EU officials were doing too little. While I reduced my net long exposure very modestly as a result of those fears, in 20/20 hindsight I wish I would have done more.
I believe after the worst week since 2008 it is now too late to sell. I added a position in UPS and some SPY CALLs and am ending the week in a larger net long position than I started the week with. It is not lost on me that the bear case seems very compelling right now, but it always does after the market has already gone down. Have a great weekend.