We are closing out our long positions in CAT at about $86. We had mentioned CAT as a good long term investment at about $87 on May 5 and we still believe that. But with the China slowdown the stock maybe susceptible to a near to intermediate term decline. Famed short-seller Jim Chanos mentioned as much at the Delivering Alpha conference yesterday. We had a buy/write position, a long position (in a longer term account) and a short position (in a short term trading account). We are closing out the first two positions and holding the short for the time being.