I have been a non farmer for my entire career and thus was shocked and saddened by this morning's number. As were most of the Beta Bulls as well. The highs took a beating esp. the REITs. Looking at the various long-short portfolios we track they are all bearish with spreads of over 100bps. In this market you have one of three choices: bearish, bullish or flat. Not chicken. maybe flounder? Chameleon? That's me.