Extensive volatility has hit the markets to the point that brokerages have eliminated reduced intraday margin requirements.  Today the S&P 500 had a range of 70 points.  This amounts to a 5% swing over just one day.  At the end of the day, the market rallied 2.14%.  The Federal Reserve’s Rate cut along with the talk of bond insurer bail outs makes the possibility of a bounce high.   As a result, the model portfolio’s SDS position has been sold for a nice profit.  I’ll be looking for opportunities to reenter the market but would like to see a reduction in volatility before doing so.