Monday, 21 January 2008

Covering Copper short, and setting an Oil short

Covering my Copper short for a $1,135 profit...I'd shorted the March contract at $321.75 on Friday, and am buying it back today at $310.40. Part of the reason is that I'm surprised how well it has held up despite the weakness in today's markets. Maybe something is up.

Setting up a new short in Crude Oil, selling the March NYMEX contract at $88.21. I'm pretty bearish on Oil and don't want to miss it, with a slowing global economy, demand WILL go down, as will speculation in commodities, and so down goes Oil. Sold just under $45,000 worth.

What a day in the markets...not exactly sure how to play this one, am going to do not a lot until I see how the US reacts tomorrow.


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