So what happened..........

Well - I have entered two orders at this point for the fall shorts. They are both limit orders and ideally they will be executed by the end of this week.

First Position:

Long 50 PUTS on Washington Mutual with $40 strike price and October 20, 2006 expiration - limit order for $.05 so - if executed it will be a $250 position with about 100+ times leverage but expiring in less than a month. This is on the bet that massive drawdown in market will occur in next three weeks.

Second Position:

Long 10 PUTS on JP Morgan with $45 strike price and January 2007 expiration - limit order for $1.00. This is about 40X leverage with expectation of JPM gettin drawdown to low 30s this fall for a 1000-1500% return.

Well see......

Best regards,

BG