Sugar : Action Time

• Initiated short SBH1 at 30.46 on 03Nov10 based on gut feel that a top was near. A 30 year high of 33.39 was made last night. On the single lot that I had short, the mtm at its worst was -US$3,282 !
• On same day that 30 year high is made, we have biggest 1 day sell-off in 30 years as well. Daily key reversal confirmed by close at 29.66 (-10%) last night, (-11% from the new high). This has no daily price limits.
• Weekly and monthly yet to be confirmed but charts have the makings of major reversals as well.
• Wait over. Time now to fire that 2nd bullet.
• See FT.com post on this.