I upped my AEC position by 20% (about 4-5% of my portfolio) at $14.48.

More on this later.

I added to CLP this morning for $21.97, partially on news that their acquisition binge continues, but mostly because I just like the company.

After the APC purchase, SLV addition, and now this, my cash position stands around 8%. A little more than 20% of my book is ERY, giving me positive exposure to downside action.

I look forward to watching what promises to be a sheerly pathetic attempt by the EU to undermine reality. Let’s fucking have it, kids.

I’m adding a little more commodity exposure going into the weekend, mostly to offset my ERY position. Same concept as APC. I like my chances for another bleedout next week, because I have ZERO faith in the European Union.

Also, I really like silver prices at these levels. Long term, silver is a screaming buy, for a myriad of reasons, not overlooking our own debt problems here at home and the fact that I have ZERO faith in about 2/3’s of the US Government.

I’m actually looking to expand my holding of physical silver, but if I were to do that I’d need even lower prices; somewhere between $25 to $26 an ounce. If we get another liquidation (perhaps of some arrogant hedge fund type?) I would be compelled to make the most of the situation.

Thus, this purchase is mostly for lower exposure just in case something extroardinarily reinflationary hits over the next 48 hours.

In the event I’m right and we run lower on Monday, I’ll be well on my way to taking profits in ERY. And, at such a point that selling began to become overpowering, and intervention on behalf of markets looks inevitable, I will be selling SLV, creating a loss, and rolling over funding, plus some extra, into AGQ – a 2X product. Plus that purchase of physical we talked about.

These are precarious times. Be safe.

I purchased a half sized position in this oil company. It’s a perfect fit for me; I’ve owned it before (during the Gulf Oil Spill), I’m familiar with their operations, I love their management, they have been expanding consistently, finding greater quantities of reserves, and they correlate with the price of oil, so their presence on my books sort of dampens the big, nasty oil short that – as of now – is nearing break even from 2011.

I’m sitting on about a 10% margin position. Looking to buy into silver next, but not if it can’t break through $27.

I grabbed some of our favorite position this morning, in the low $8 range.  My position is now .5% of all assets held, and I am treating the notes like covered option positions.  If we experience a major reversal in the next few months, my gains from the position should stand north of 2-3%.  If not, I lose .5% (or less) and move on.

Really, it’s pretty straightforward.  Since the value of TVIX’s assets have undergone “price discovery” there’s little chance of continued bloodshed.  Thank God I didn’t own more before now.  And since I’m looking for that major correction, those assets can appreciate in price quickly and with great multiples.

Also, I’m contemplating selling off some of my AEC holdings.  As I mentioned a few days ago, hearing talk of reform to Fannie Mae and Freddie Mac has me jittery.  Those organizations fling cheap financing through the system, and AEC has admitted to being influenced by it.

I doubt very much that Democrats will permit overt change to come to their favorite pet projects.  However, I don’t doubt for a second that Republicans would try to curtail Fannie and Freddie.  Since I’m predicting a small Democratic Party resurgence in this election, I am calm.  However, if I catch wind that Republicans are going to do better than I first supposed, that could be forbearing of trouble for me.

So maybe I scale back AEC.  Right now, my portfolio is more than 60% comprised of just three positions: AEC, CLP, and CCJ.

That’s not how it always was.  I used to have BG and AWK also, but the sheer magnitude of losses from my former short position in UCO forced my hand.  I have since rolled over my energy and oil shorts into “fixed risk” positions of ERY and SCO and am waiting patiently, hoping that coming months redeem my portfolio of the 20%+ losses I incurred late last year.

However, if that doesn’t happen, I am very exposed to just three positions (plus assumed losses from the continued deterioration of the ETF’s).

In short, I feel comfortable that my portfolio is stable for the moment.

But damn, I really don’t need another blow up.

Good call to the few of you who cautioned me about TVIX.  Don’t worry, I wasn’t ignoring you.  And I’d say this proves you right.

Absolutely riveting, watching that thing today…

That being said, I’m not exactly scrambling to sell my .4 (going on .3)% of assets here.  The position is an extreme hail-Mary pass.  If we get a substantial correction, today won’t matter.  If that correction never comes, I’ll let these things go to zero.

I honestly don’t care.

So let’s all have a big laugh at the bankers that just blew up all us poor jackasses in the name.  And hope no good men got taken out in these, the instruments of Satan.

Um…Amen

(I don’t know when this turned into a prayer)