Back In Singapore

Recap key market movers while I was away without access to Blogger :=

• 1. Weaker than expected NFP (06Aug10).
• 2. FOMC (10Aug10) downgrade of US growth outlook and intent to maintain current balance sheet by buying USTs with proceeds of maturing MBS and Agency papers (=quasi QE2).
• 3. Irish banks funding problems and spreads widening again (10-11Aug10).

3 elements of Core Book maintained throughout, with some adjustments (namely, large increase in long TYU0 after NFP and FOMC)..

• Core = Risk Off via short US10YY, short S&P and short EUR/GBP (Total 4X)
• Hedge = Risk On via Short USD/CAD (1X)
• Black Swan Insurance = Long Gold (1X)

Detailed look at individual positions to follow.

[Google sucks big time in China now. Only able to retrieve e-mails, can't even reply, send new, or call up contacts list. Google Docs worked just once and I was blocked after that. A lot of my Google Reader RSS feeds did not work. Really crap].