And here comes the crash, well maybe.

I am all excited because the markets are down and I don't feel so bad about putting on hedges. I really wished I had been able to short XHB. Instant 8% right there. Oh well, all my consumer discretionary are tanking (AEO, BBBY, HD) as well as many of my financials (WB).

I am short a bunch of the near month in the money calls so today is not bad. I am still losing a 5% on my portfolio but given the leverage I am using, that's a good day.

Analyst downgrades on Cadence (CDNS)

Analysts were out with a bunch of downgrades on Cadence after the bad guidance yesterday. See Cadence (CDNS) - Decision making in the face of uncertainty for more details.

* Tim Fox, Deutsche Bank: Cut to Hold from Buy
* Sterling Autry, J.P. Morgan: Cut to Underweight from Neutral
* Harlan Sur, Morgan Stanley: Cut to Equal Weight from Overweight
* Jay Vleeschhouwer, Merrill Lynch: Cut to Neutral from Buy
* S&P: Cut to 3-star from 4-star

Today, CDNS is up almost 5%. Is it just me or are analysts usually behind the curve?