Monday, February 13, 2006

New trade...I hate GBP so much I had to sell it versus EUR now:

OK, so I've added to my bear trade on GBP...this time I sold it versus
EUR. I bought Mar '06 EURGBP @ 68.51 (it ended the day a touch lower at
68.42), since EUR rates are on the rise, and I still think that GBP
rates are more likely to come down from 4.50% as the next move.

Although talking of GBP rates, this is a close call...I may even sell
back my Dec '06 Short Sterling position tomorrow if I can make 10 ticks
on it, as 1) I should have done 4 times the size, and 2) there is data
out the UK tomorrow, CPI I think, and I may sell before that as
inflation has risk to be higher than usual. If it sells off back to
95.30 area I'll look to get long again in proper size, say £100 a point.
We'll see how it goes.

YTD P+L is currently £5,467. The bulk of this has been on the GBP/USD
short (~£5000), with some small losses on GM stock and the S&P 1350 Jun
call, but the S&P call I know my downside and have plenty time for the
market to move up. GM stock is still a long-term buy but I may try
range-trading it from the long side, so next time it is close to $25.00
I may take my profits. I'll have to make sure the GBP/USD doesn't swamp
everything else, so better make new trades a bit bigger in size.

Still watching Gold and Crude Oil which have been selling off lately...I
suspect both are a buy at the right time and level. Being patient for
the entry!


Anonymous Anonymous said...

I love your website. It has a lot of great pictures and is very informative.

17 May, 2006 12:28  
Anonymous Anonymous said...

Hey what a great site keep up the work its excellent.

17 May, 2006 12:45  
Anonymous Anonymous said...

Nice colors. Keep up the good work. thnx!

17 May, 2006 12:48  
Anonymous Anonymous said...

Interesting site. Useful information. Bookmarked.

17 May, 2006 12:58  

Post a Comment

Links to this post:

Create a Link

<< Home