Top posts from the past week:
- Marc Faber on Bloomberg – November 11, 2008
- Cotton Futures Continue Their March Towards Zero
- Chinese Bailout May Send US Interest Rates Higher
A review of my futures trades from the previous week:
- Covered my short of 10-Year Treasuries – Unfortunately I got stopped out of this position. I was either early on this trade, or wrong – is there a difference? Though I’m primed and ready to reinitiate this position if we see interest rates skyrocket like I think they will.
- Short the British Pound – Last time I shorted the British Pound, it turned out to be a quite profitable trade. The fundamentals of the Pound Sterling are terrible – and that huge rate cut just delivered by the Bank of England will not help protect their currency.
My wish list (waiting for an uptrend…and we could be waiting for awhile):
|Date||Position||Qty||Month/Yr||Contract||Entry Price||Last Price||Profit/Loss|
|10/10/08||Short||1||DEC 08||British Pound||1.6870||1.4728||$13,387.50|
|Net Profit/Loss On Open Positions||$13,387.50|
|Current Cash Balance||$39,595.05|
|Open Trade Equity||$13,387.50|
|Long Option Value||$0.00|
|Short Option Value||$0.00|
|Net Liquidating Value||$52,982.55|
Cashed out: $20,000.00
Total value: $72,982.55
Weekly return: 3.5%
YTD return: -4.9%
***”Cash out” mostly means taxes, but lately I’ve also been using it for living expenses, and also to finance a time management software startup I’m working on.