I am updating monthly performance.  Good month in absolute terms but not versus my "benchmark" where I suffered to the tune of -0.70%.  Still taking on water from AAPL and RAX and VALE now, but the div payers are doing well.  I also dropped my equity exposure from 30% to about 10% and that cost about 0.15-0.20%.  Some underperformance also from paying option premium, but I suspect that to be fairly small.

My current equity exposure is about 23% or so because the options have taken me up there following the trend.  I have been selling into it and keeping it from getting too high (which has cost me money, but then hedging always does).

Interesting article on money flow and the implications on stock prices:

http://seekingalpha.com/article/1307551-where-s-the-hot-money-drained-from-apple-stock-can-behavioral-analysis-find-it?source=intbrokers_regular