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.
- 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):
|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|
|Current Cash Balance||$52,980.25|
|Open Trade Equity||$3,537.75|
|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 🙂