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Elgrey
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Expat finance professional living and working in Hong Kong.
  • My February-13 Strategy Review 0 comments
    Mar 3, 2013 9:02 PM

    Okie dokie… Feb is over and review is on the way:

    BO - I was hunting for a value zone for the whole month and did not open any long position which I intend to do in March. We started month at overbought levels @53.28 and finished at oversold levels @49.12

    CT - I opened my shorts early in Feb but then I closed them with minimal profit after bullish Export Sales reports. In the second half of the month I re-establish shorts again with protection in form of long calls. No matter what my downside will be limited. I intend to keep the position as is for now.

    HO - Last 10 days of the month was my time - HO fell off 3.20 levels at below 3.00 territory. I intend to squeeze everything possible from my shorts.

    LC - I called for longs but I was wrong - the price fell from 132.8 to 128 and recovered to 129.85 on the last day of the month. I still maintain a long position thinking that we have passed the worst.

    O - we started at 367 and finished at 379.75 in May contract. I kept my longs open till about 387 and this was my best trade of the month.

    W - and here comes my worst call of the month. Wheat fell off USD8.00 levels and lost one dollar in value. What the hell… I didn't close it yet but I am really disappointed.

    OJ - started at USD1.20 and finished at USD1.278. Unfortunately I did not have heart to jump in and missed the trade.

    NG - I did not make a certain call but I quit my shorts in the first half of the month, reversed direction of the trade and was right. My actions were based on weather, bullish COT report and historical trends.

    PL - I was not quite sure about shorting platinum but when it soared to USD1720 I decided to make my move. Unfortunately I was to scared to lose money so I quit my shorts around 1685-1690 and missed a sky-fall into below USD1600 territory. Can't win all the money anyway.

    KC - I was not sure about price direction but after studying COT reports and inventory levels in New York I opened a short trade at around USD1.48 and covered my shorts at around USD1.42 when all technical indicators started to scream about coming price bump. Good choice.

    Sequester talks failed and who knows how markets will react. I am not overly pessimistic but we may take some pain. Pain will come and pass until next debt ceiling, or fiscal gap, or credit crunch, or any other trendy wording would trouble us again. I turn on one of my favorite AC/DC tracks Highway to Hell and dedicate this song to Mr. Boehner and his crew. Let's join Brian Johnson cracking voice and sing all together "…and I'm going down, all the way down I'm on the highway to hell".

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