Weekly Futures Positions Review – November 2, 2008

Weekly Futures Positions Review – November 2, 2008

Top posts from the past week:

A review of my futures trades from the previous week:

  • No trades last week! Wow, that hasn’t happened in a long time. I’d probably be better off if I did this more often.

Other existing positions I’ve got:

  • 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 I think it’s possible we could see the Pound at $1.50 over the next 12 months…or maybe over the next week at this rate.
  • Short a couple of 10-Year Treasuries – Treasuries have performed quite poorly over the last two weeks, and Jim Rogers described them as the “last bubble left”. Have they topped? I think they may have – and boy have they got some room to fall if interest rates skyrocket like I think they will. Although trending up since I shorted (what else is new), the chart still looks bearish, with lower highs and lower lows. Some significant potential resistance coming up around 112.

My wish list (waiting for an uptrend…and we could be waiting for awhile):

  • Sugar
  • Cotton
  • Coffee
  • Natural Gas
  • Silver

Open Positions

Date Position Qty Month/Yr Contract Entry Price Last Price Profit/Loss
10/10/08 Short 1 DEC 08 British Pound 1.6870 1.6045 $5,156.25
10/15/08 Short 1 DEC 08 T-Note (10yr) 111-250 113-035 ($1,328.13)
10/13/08 Short 1 DEC 08 T-Note (10yr) 112-185 113-035 ($531.25)
Net Profit/Loss On Open Positions: $3,296.88

Account Balances
Current Cash Balance $48,710.90
Open Trade Equity $3,296.88
Total Equity $52,007.78
Long Option Value $0.00
Short Option Value $0.00
Net Liquidating Value $52,007.78

Cashed out: $20,000.00
Total value: $72,007.78
Weekly return: 6.0%
YTD return: -6.3%

***”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.