Monday, March 13, 2006

Quick update - EURGBP Put rolled off, and have an eye on Gold and Short Sterling...

The 68.20 Put I sold the other week rolled off nicely, I think the spot
was up around 68.80 at the time of expiry on Friday, and has now gone
higher than that...probably should have bought EURGBP outright, as I'd
said I would, but the amount of strength £ was displaying had surprised
me, plus I am still short versus the $. And still think that is the best
trade in the book, now we need the market to start talking of UK rate
cuts again. EURGBP put pocketed £105.

Aside from that, Gold has moved a decent amount lower, and I'll step in
and buy it when I feel the sell-off is done...would like to scale into a
big long. And am considering some Dec '06 Short Sterling, market is down
around 95.25 (I had bought some a few weeks ago around 95.35 and sold
out of it at 95.52 I think it was)...there will be some correlation
between this and the short GBP trade, so wan't to be wary of getting too
big in the same trade in different ways...but anyway, just to keep you
aware, am thinking of buying, as I still view the UK economy as under
threat from Labour government policies, and taxes/power prices all going


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