As we pointed out a day or so ago the wave pattern in the indices has been surge, drift, flush ’em out and surge.  Today we lifted our Q and Dow hedges and bought the FAS and the QLD.

Ordinarily we would not be so active.  We’re basically lazy and phlegmatic investors.  There is nothing we like more than a months (or years) long trade that quietly piles up profits while we snooze.

But in turbulent times and a markets that are changing their basic nature sometime you have to bestir yourself.  We just bestirred.