Cut a little GM risk on S&P downgrade:

Sold £3/cent of GM Jun '06 stock at 21.85, leaving me long £7 a cent(so
about £15,000 exposure). Did this because of S&P downgrade to single-B
credit rating, need to read the report in full, but basically I scanned
it quickly and it concerns me if GM is losing access to its loan
facilities. Maybe this company can go bankrupt after all. If once I've
read it I still feel comfortable and I want to get long again, so be it,
I'll buy it back, I don't care if I miss a few percent.

Stock closed at 22.15 in the June contract, so you could say it was a
bad sale, but I'll wait and see. Interestingly, check out what FIAT
(FIAT IM on Bloomberg) equity looked like 2-3 years ago, when everyone
thought that company was going bust...stock is now double the level it
was at then. My money is (probably) on GM being the same by 2008...

On another note, I hope all you readers have been shorting the pound as
I've mentioned in umpteen posts...its now on the verge of collapse
following US rate rise taking US rates above the UK...we should see 1.55
in cable in short order.