S&P500 : Initiated Short ESU0 @ 1099

• Sold Sep S&Ps at 1099 today. Working more limit sell orders above.
• Together with Nikkei short, Core Book is now risk neutral in terms of VAR. Locked in the CAD profits. Further profitability will now be derived from relative value movement. Book size on each side = 11% EAR.
• S&P chart reading is clear (same as Copper, AUD, etc) in terms of direction. UpTLs broken. Is a question now of entry point only. Too early = suffer if retracement goes much higher, but won't miss the downtrend if it comes suddenly. Too late = vice versa. Perennial trade-off decision.