• The company revised 4Q results downward after the close.

One last thing.  -- Lt. Columbo

I shorted Groupon (GRPN) at $28 per share the day of its gap-up opening following its IPO -- and I'm still short the stock.

After the close today, the company came out with a press release that revised its previously reported fourth-quarter revenue downward by $14.3 million. The revision also resulted in an increase in fourth-quarter operating expenses that reduced operating and net income as well as its earnings per share.

These revisions surround an increase in its refund reserve accrual.

The company, in conjunction with its audit, included a statement of a material weakness in its internal controls over its financial statement close process.

I expect a sizeable fall in the price of the shares Monday.

• I am ending the week net short.

The market is quiet on the close, with only $1.2 billion for sale

I am outta here like "American Idol's" Heejun Han was last night.

Enjoy your weekend and thanks for reading my diary.

I am going out net short.

• I am now back net short.

I am pressing the short side, and I am now back net short.

• I re-entered the dark-side trade at $141.02.

I just reshorted SPDR S&P 500 ETF Trust (SPY) at $141.02.

Scaling in.

• Jonathan Golub's change of heart in tandem with the change in share prices goes unchallenged.

UBS chief strategist Jonathan Golub is on CNBC now, boasting that he has the Street's end-of-year S&P 500 forecast of 1475.

What he doesn't say is that he flip-flopped from bearish to bullish only about three or four weeks ago. Previously, he had one of the most bearish forecasts.

It is a pitty that CNBC's commentators hadn't done some research on his investment advice, as they could have asked some hard questions instead of tossing softballs.

When I am wrong -- and I am wrong often -- I try to admit it.

• The hardest trade?

With so many balls in the air on Saturday (China PMI) and Monday (National U.S. ISM), it is hard to take a bold position on the market.

Under normal circumstances I would  be shorting the hell out of the rally that began in the late afternoon on Thursday. Breadth has been sloppy and some of the market leaders (e.g., Apple (AAPL)) appear to be rolling over.

This probably means, that shorting might be the hardest trade today. And it might have the best outcome by next week.

But, I am plain tired, to be honest!

TGIF!

• International Flavors & Fragrances (IFF), my largest long, is within a few pennies of its 2012 high this afternoon.

I have added to my position every day this week.

• Run, don't walk, to read Noah Kass on our flagship site and to watch his appearance on 'The Dylan Ratigan Show.'

Run, don't walk, to read the latest "Ask Noah" column on TheStreet, "On Giving Advice."

And check out his appearance yesterday on "The Dylan Ratigan Show" on MSNBC.

• According to a report.

Speaking of Yahoo! (YHOO), All Things Digitalreports that Yahoo is planning layoffs next week to be followed by a restructing the week after.

• Colgate is likely headed toward $100 a share.

Colgate-Palmolive (CL), a longtime long of mine, is likely going to par ($100).

It's the old, going-to-par rule -- namely, when share prices go through $95, they invariably go to $100.

• I picked up some shares at $15.23.

The only equity I added to on the long side today was Yahoo! (YHOO) at $15.23.

I continue to see a favorable risk/reward at these levels.

• The shares are up on vague takeover rumors.

Netflix (NFLX) is rising on vague takeover rumors.

• Broke Even.

I just covered my SPDR S&P 500 ETF Trust (SPY) short that I put out late yesterday afternoon at $140.28 for a breakeven.

• The Milwaukee NAPM was very nasty at only 51.8 vs. consensus of 58.0.

The Milwaukee NAPM (a tertiary economic idicator) was very nasty at only 51.8 vs. consensus of 58.0.

• I am looking to short strength.

I am market-neutral now, looking to short strength.

• My favorite long is IFF, and my favorite short is U.S. bonds.

Favorite long: International Flavors & Fragrances (IFF).

Favorite short: U.S. bonds.

• I would take the nice 58% profit in a few hours.

The iShares FTSE/Xinhua China 25 Index Fund (FXI) April weekly calls are trading at $1.36 bid/$1.41 offer.

I would take the nice 58% profit in a few hours.

• I would take the nice 58% profit in a few hours.

The iShares FTSE/Xinhua China 25 Index Fund (FXI) April weekly calls are trading at $1.36 bid/$1.41 offer.

I would take the nice 58% profit in a few hours.

• February's data missed the mark.

February income growth was disappointing at +0.2% (forecast was +0.4%). Since personal consumption expenditure inflation came in at +0.3%, real incomes fell by -0.1%, which helps to explain the lack of equity inflows by the retail investor discussed in the previous post.

Spending rose much faster than incomes, rising by +0.8% (consensus was +0.6%) as the savings rate fell from 4.3% to 3.7% -- the lowest savings rate in nearly three years (and the third month in a row of lower savings rates).

• The retail investor is still not participating in the market.

The latest AMG data:

• Equity funds report net cash outflows totaling $2.463 billion with domestic funds reporting net outflows of $1.847 billion and non-domestic funds reporting net outflows totaling $616 million.

• Including ETF activity, equity funds report net cash outflows totaling $2.646 billion in the week ended March 28 with domestic funds reporting net outflows of $2.120 billion and non-domestic funds reporting net outflows of $526 million.

• Equity income funds report net inflows totaling $6.3 million.

• Emerging market equity funds report net inflows of $315.7 million.

• International funds report net inflows of $156 million.

• Taxable bond funds report net inflows totaling $3.853 billion.

• Investment-grade bond funds report net inflows of $1.43 billion.

• High-yield bond funds report net inflows totaling $212.7 million.

• Money market funds report net cash outflows totaling $12.167 billion.

• Municipal bond funds report net cash inflows of $430 million.

I will give my four reasons why the individual investor is still shunning equities:

1. two stock market crashes in the last decade;
2. stagnating wages while the cost of the necessities of life (health care, food, etc.) rise (screwflation of the middle class);
3. continuing concerns/lack of security about the jobs market (structural unemployment); and
4. the 34% drop in home prices, the largest household asset.

• There was more bad economic news out of Europe overnight, though risk markets could care less.

Specifically, Germany's February retail sales unexpectedly dropped (-1.1% compared to consensus estimates of +1.2%). This was the fourth decline in retail sales in the last five months for the region.

Eclipsing the impact of the poor retail numbers out of Germany was the (expected) news that the eurozone finance ministers will finalize the remainder of the 940 billion euro bailout today.

• Sanford C. Bernstein continues to recommend an underweight of CSX Corp. (CSX) based on a mix shift away from coal and its negative implications for an expansion in profit margins and profits in the next two to three years.

• Here is my appearance on "The Kudlow Report" last night. 

• A quick profit here.

Yesterday in the early afternoon I suggested that buying the iShares FTSE/Xinhua China 25 Index Fund (FXI) 35.5 April weekly calls at $0.86 was an interesting speculation on Saturday's Chinese ISM and a possible weekend easing move. FXI was trading at $36.

Based on early indications, FXI will open at around $36.70 and that option will likely trade at more than $1.30/share!

For those who took up the trade ... congrats!