Snoopy-Typing-Away-1-CVV14J0D95-1024x768

Screen Shot 2015-09-19 at 6.01.19 AM

After the Fed, looking ok.

Part of the issue was that some of the position had gone to maximum loss and wasn’t repricing. I’m thinking that this was mostly due to liquidity issues. I watched the market trade for a while yesterday morning, and the liquidity of XHB as compared to SPY was just stark.