A review of trades from the week that was:
- Covered my Soybean Short – beans rallied, along with the rest of the grains. Closed this out at a loss. And a good thing too – the grains markets continue to rally strong, even into the Asian session this evening. I can’t make heads or tails of the grains markets, and I don’t think any clarity will be found until the harvest results are in – I’m on the sidelines here for a bit.
- Also covered by Cocoa Short, also at a loss – took a bath on the big cocoa rally. It gapped up, and I got out.
Looking ahead:
- British Pound Futures – The dollar rally rolls on, and the British Pound continues to get slammed. I plan to hold this position.
- Silver Futures – I keep trying to unsuccessfully time a bottom here. I should know better. Still, I expect silver and gold to rally strong towards the end of the year.
My wish list (waiting for an uptrend):
- Sugar
- Cotton
- Coffee
- Swiss Franc
- Japanese Yen
- More silver
- More cowbell
Open Positions
| Date | Position | Qty | Month/Yr | Contract | Entry Price | Last Price | Profit/Loss |
| 08/12/08 | Short | 1 | SEP 08 | British Pound | 1.9042 | 1.8391 | $4,068.75 |
| 08/21/08 | Long | 1 | DEC 08 | Mini Silver | 1390.1 | 1337.0 | ($531.00) |
| Net Profit/Loss On Open Positions: | $3,537.75 | ||||||
| Account Balances | |
| Current Cash Balance | $52,980.25 |
| Open Trade Equity | $3,537.75 |
| Total Equity | $56,518.00 |
| Long Option Value | $0.00 |
| Short Option Value | $0.00 |
| Net Liquidating Value | $56,518.00 |
Cashed out: $18,000.00
Total value: $74,518.00
Weekly return: -4.7%
YTD return: -2.8%
***”Cash out” mostly means taxes, but lately I’ve also been using it to pay down my credit cards a bit. Why credit card debt? I’m financing a startup and trying to outpace my CC interest rate in the futures markets 🙂
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