He is also short the Euro. Biggs has been riding this bull run for a while now. I added a chart of the S&P 500 and the upside trend looks broken but it still has a chance to stay above 1,150 support. It's also above the 40 week moving average. If SPX breaks above the previous high (1219) 1257-1440 looks like the next channel to test from early 2008. SPX futures are down 0.86% right now. G'luck.
$SPX (S&P 500) - StockCharts.com
In other news, Europe got a trillion dollar bailout, Fannie Mae needs $8.4 billion and John Paulson sees a 20% increase in California home prices over 2009.