Closed out my Oil short for £250:

Just bought back my small short in Brent Crude May '06 @ $61.66, I had
been short £2/cent at $62.91.

Still think its more likely to go down than up, but we'll see how
trading it around goes. Anyway, I had shorted the UK Brent Crude
contract by mistake, had meant to sell US Light Crude since it seems to
be the global benchmark. Not sure if there is really a difference, if
anyone knows of a reason these shouldn't always trade close to each
other please leave a comment!

Main risk continues to be in GBP which is going down slowly but surely,
also my US equity positions are down a touch although GM is up a little.
And I am still short £10/cent of US 10y Treasury futures, I should
probably increase this as I think the FED will keep going, and even when
it does stop I suspect the curve steepens. Just seems that the whole
world has the view that the FED is wrong, is hiking too much too fast,
and will have to start cutting this year. Does no-one out there think
that the US is a very dynamic, flexible and powerful economy that can
take 5% rates in its stride and keep on growing?? Comments appreciated.