Sunday, September 14, 2008

My Current Commodity Futures Positions - 9/14/08

A special Blogging the Commodity Bull Market shout out to my good friend Lance, who works at a prominent New York investment bank.

Lance (name altered to protect the innocent) is a regular reader of our blog, though he is strictly forbidden from commenting whatsoever due to his professional ties.

Via a text message exchange we had today during the late NFL games, Lance provided me with some key insider info: "hope ur long oil pal! dump the dollar". Lance went on to recommned that I "buy the norwegian krona".

Though these text messages no doubt were sent after a beer or ten, we give a hearty salute to Lance. And armed with his information and insights, I have indeed covered my short British Pound position, preparing for the next flush of the dollar down the porcelain bowl.


A review of my trades from the week that was:
  • Closed out my short British Pound position - twice - I closed out my two short BP positions last Sunday night when the dollar rally looked over. Then the dollar surprisingly bounced back, and I shorted the BP again - and then covered again tonight, after watching it pop up nearly 5 cents since Friday. Both the BP and the Dollar are flawed currencies circling the bowl - the question is, which will circle towards the bottom faster.
  • Shorted Soybeans - Beans look like they may want to break down. My research is telling me that a good harvest will put plenty of beans on the market. I'll quickly exit if beans rally on bullish harvest news.

Other existing positions I've got:
  • Long the Japanese Yen - So far, so good.

My wish list (waiting for an uptrend):
  • Sugar
  • Cotton
  • Coffee
  • Swiss Franc
  • Natural Gas
  • Silver

Open Positions
Date Position Qty Month/Yr Contract Entry Price Last Price Profit/Loss
09/04/08 Long 1 DEC 08 Japanese Yen 0.9340 0.9455 $1,437.50
09/09/08 Short 1 NOV 08 Mini Soybeans 1168 1/4 1189 ($207.50)
Net Profit/Loss On Open Positions: $1,230.00


Account Balances
Current Cash Balance $54,504.37
Open Trade Equity $1,230.00
Total Equity $55,734.37
Long Option Value $0.00
Short Option Value $0.00
Net Liquidating Value $55,734.37


Cashed out: $20,000.00
Total value: $75,734.37

Weekly return: -7.2%
YTD return: -1.1%

***"Cash out" mostly means taxes, but lately I've also been using it to pay down my credit cards a bit. Why credit card debt? I'm financing a startup and trying to outpace my CC interest rate in the futures markets - kids, don't try this at home.

2 comments:

Moyo said...

Good call on the yen man....I look at the news this morning and I wonder, who is buying the dollar? REally???

SugarHigh said...

Exactly, have to wonder if we're nearing the end of the dollar short covering rally

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