Bearmove - I agree. I don't think people are sufficiently discounting the risk that remains, and not just in RMBS, look at NFLX for another example. Or ASKJ - if Google were to end their relationship, they'd see the same drop as LOOK is seeing today. Another one I see is JBLU - it just goes straight up despite strenghtening competition, oil back above $30, etc. The market seems to be assuming everything will work out great for every company.
So what's your strategy in such times? Just sit on cash, or go a little short hoping to catch the top? What are your thoughts on buying longer-term puts?
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