We are selling both IDEV and CXM from both portfolios using the closing prices of Monday, January 12, 2009.

A combination of the market’s recent strength and the approach of earnings season are making us nervous. The danger of many companies not just reporting bad earnings, but that they will also warn yet again of worse than predicted numbers would be very bad news for the equity markets and lead a major sell-off and test of last year’s lows. In addition, the biotechs have historically sold-off during or right after JP Morgan as all the expected news flow for the near-term should all be announced next week. Thus, we are also going to sell half of all the long positions in the Trader’s Portfolio to go off of margin. We will not sell any of our short position in Medivation as we expect it to get hit hard in any market down drafts.