Monday, May 26, 2008

Weekly Positions Update - 5/25/08

I hope you're enjoying Memorial Day weekend. I just rolled back into town a few hours ago from a short weekend trip to Las Vegas. My wife and I stayed at Imperial Palace the first night, and Trump International the second - talk about going from the outhouse to the penthouse! The new Trump hotel is fantastic, and a tip if you're heading their soon - check out the rates on Hotels.com, because I don't think everyone knows it's open yet. We landed our room for $199 using Hotels.com a few days beforehand - same price we paid to stay at the Imperial Dump the night before!

Nice to see some of the commodity markets acting "right" again. The meats are looking good, save for Pork Bellies, and silver looks poised for a rocket launch. I've got my stop for Pork Bellies waiting around 75...I may have been too soon with this contract, as there may not yet be a supply problem in August. I'm happy about the January '09 Feeder contracts, and will be looking to aggressively add on more strength.

Open Positions
Date Position Qty Month/Yr Contract Strike Call/Put Entry Price Last Price Profit/Loss
05/21/08 Long 1 JAN 09 Feeder Cattle

113.950 114.900 $475.00
05/21/08 Long 1 JAN 09 Feeder Cattle

114.000 114.900 $450.00
05/08/08 Long 1 OCT 08 Live Cattle

105.350 107.550 $880.00
05/09/08 Long 1 OCT 08 Live Cattle

106.700 107.550 $340.00
05/14/08 Long 1 AUG 08 Pork Bellies

82.950 76.500 ($2,580.00)
05/21/08 Long 1 JUN 08 Swiss Franc

0.974100 0.9777 $450.00
05/21/08 Long 1 SEP 08 Silver (eCBOT)

1813.9 1838.8 $1,245.00
Net Profit/Loss On Open Positions: $1,260.00

Account Balances
Current Cash Balance $104,119.07
Open Trade Equity $1,260.00
Total Equity $105,379.07
Long Option Value $0.00
Short Option Value $0.00
Net Liquidating Value $105,379.07

Cashed out: $15,000.00
Total value: $120,379.07

Weekly return: 2.8%
YTD return: 54.9%

***BTW, I usually "cash out" money just to pay for taxes, rent, and cheap beer. So total value is all pre-tax. I had to take out some more cash to pay my Q2 estimated tax payments this week.

6 comments:

Heem said...

I think I'm going to pick some sugar up this week. 10 cents seems like a great value play to me. Fundamentals are terrible right now, but we are possibly going to enter a production deficit this year.

Heem said...

What is your thinking behind the silver and swiss franc trade?

SugarHigh said...

For the Swissie, I'm expecting the carry trade to unwind here, as the US market takes another leg down in this bear market.

I like both gold/silver to continue a breakout from here - I'm attracted to silver because it has very compelling supply/demand fundamentals in addition to it's lure as an inflation hedge.

huh? said...

what books could you recommend one reads for ta esp?

S'wheat Times said...

One of the most read articles on bloomberg today:

Corn Costs Signal Biggest Beef Surge Since 2003 as Herds Shrink

SugarHigh said...

I've gleaned most of my very limited TA from Trade Your Way to Financial Freedom - anyone have further rec's on this subject?

Great article S'wheat times, thanks for posting!

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