Thursday, 7 February 2008

Increasing S&P 500 Short Further

Increasing my S&P 500 Short, selling another ~$26k worth at 1317.5 on the March future. That gives me a short of nearly $80k now at an average of 1334, so I'm putting my stop loss in at that level.

The US is a mess, the rest of the world is following, I want a big short, and I'm willing to take a risk on timing and getting stopped out to get that short on.

Away from that, my GBP/USD trade is working out well, I have a 1.95 straddle expiring tomorrow, and am also outright short from around the same level. Following the Bank of England cutting 25bps as expected, Sterling has dropped about 1.5 points today to 1.9450. I'm up around $3,000 on this trade, and ideally it will expire bang on 1.95 tomorrow at 10am NY time.

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