Monday, March 05, 2007

Lots of trades...shrinking the portfolio and taking profits

1) Sold my Short Sterling Jun '07 at 94.36 in £100/tick, profit £2,300
2) Sold my Dec '07 Eurodollar at 95.23 in £150/tick, profit £2,080
3) Bought £5/tick of Capital One Financial Jun '07 @ $76.45, profit
4) Bought £5/tick of Exxon Mobil Jun '07 @ $71.02, profit £2,419
5) Bought £2/tick of KB Home Jun '07 @ $48.76, profit £1,012
6) Sold £2/tick of Whole Foods Sep '07 @ $47.59, loss just £43
7) Sold £3/tick of Motorola Sep '07 @ $18.83, loss just £62

And one new trade, I sold £15/tick of the March Bund future at 116.70,
10y Bund yields were around 3.90%. Seems far too flat a curve, given the
ECB will almost certainly be hiking to 3.75% on Thursday.

Rational on the trades is that I can't resist taking a decent profit in
a short space of time, and also whilst I am long-term bearish on asset
values, I'm not convinced that now is the time markets completely fall
apart, I think it's more likely this is just a short-term correction. So
I'll book some profits and use it to put on some fresh positions with
some fresh analysis.

Stock positions I still have is a short of about £14,000 in Vodafone
which I'm about flat on, going to take that off if I can get out flat,
and re-think it, am short WaMu still in about £43,000, think these guys
still have significant downside, as delinquency rates rise further due
to reduced access to credit, now lending standards are being tightened
across the board, and am long about £8,000 of Vonage, may increase this,
think market cap is too low (it's less than $1bn) for a company that has
built up a decent subscriber base in a new technology. And I still have
my Pipex communications in about £48,000, bit annoyed at this one, as it
hit my target level (around 14p) where my profit was £10,000 (about
25%), but I just didn't get round to selling. Will wait this one out.

Other risk is in DOW and S&P puts mainly, have a lot of DOW 12,000 Puts
so could do with another 500 points down in the DOW, and then I'll prob
take it off.


Anonymous Anonymous said...

Great trading traderboy!
What's your take on Pipex and ITV ?

10 March, 2007 09:10  

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