Given the way things went today, I picked up some long call hedges on the financials and the overall S&P.. seems to make sense. As I had noted last week, May put holders on subprime and Alt-a plays were in danger of being too early after MTG miraculously bounced back. We'll know more tomorrow after Washington Mutual and a bunch of others report.
I also lightened up on another long play: CNX calls. http://www.Optionmonster.com, again with another great heads up a few weeks back.