Weekly Futures Positions Review – October 19, 2008

Weekly Futures Positions Review – October 19, 2008

Top posts from the past week:

A review of my futures trades from the previous week:

  • Went long the Swiss Franc – As I mentioned last week, I wanted find a match for my short British pound position. And the Swiss Franc is my favorite European currency. I don’t want to short the British pound outright, because then I’m essentially long the US dollar. This gives me a trade that is dollar neutral. And hey, if Jim Rogers is buying Swiss Francs, I figure I should be also.
  • Shorted 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.

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.

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 1.7266 ($2,475.00)
10/13/08 Long 1 DEC 08 Swiss Franc 0.888800 0.8813 ($937.50)
10/15/08 Short 1 DEC 08 T-Note (10yr) 111-250 112-020 ($281.25)
10/13/08 Short 1 DEC 08 T-Note (10yr) 112-185 112-020 $515.63
Net Profit/Loss On Open Positions: ($3,178.13)

Account Balances
Current Cash Balance $52,009.45
Open Trade Equity ($3,178.13)
Total Equity $48,831.33
Long Option Value $0.00
Short Option Value $0.00
Net Liquidating Value $48,831.33

Cashed out: $20,000.00
Total value: $68,831.33

Weekly return: -3.2%
YTD return: -10.7%

***”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.