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To: Jacob Snyder who wrote (12234)	9/15/2011 2:41:17 PM
From: Jacob Snyder	Read Replies (1) \| Respond to of 13403

UAL ss 1000 @ $20.43 XAL (airline index) reached its 50dma today. That line and above, has been a good place to short airlines, going back to January. If the stock stalls here, I'll double up in the next few days. If it keeps going up, I'll short more at $22.7 (just below the 200dma).

To: Jacob Snyder who wrote (12234)	9/16/2011 10:33:20 AM
From: Return to Sender	2 Recommendations Read Replies (1) \| Respond to of 13403

KLIC ST Short Sale of 5000 shares@9.21 - This trade is based on the fact that volatility has fallen so much over the last week. When a volatility index stretches more than 10% above or below its 10 day sma it will generally reverse direction as will the market in general in the opposite direction. This is a dangerous trade in many other ways as the market is rallying in the face of a great deal of pessimism. The kind of pessimism that can lead to a long term bottom. So far though the market action has not supported that formation in my humble opinion. RtS