- Cut short SP500 position by half on Risk Off squeeze back above 1160 (hope for EIB levered mega rescue package). Average -ESZ1 in rate now dropped to 1174.
- The rally has caused minor change in the technical picture for SP500. Triangle boundaries re-drawn and current levels (closed 1175 last night) puts it smack in the middle of another triangle consolidation. Still, expecting this to be resolved convincingly to the downside in due course but pointless in running large risk position in this whilst consolidation takes place.
- SP500 triangle boundaries this week at [1117, 1216]. These shall be my trade parameters.
- The risk limits freed up thus has been switched into re-shorting Copper. Sold HGZ1 at average price of 343 last night. [Original HGZ1 trade : -378a/+333a]. Hopefully, the copper consolidation shall be less tricky (than say, EUR and SP, both false breaks recently).
- Positions now : -HG, -CD, -S and +TY in roughly equal risk weightings. -URO and -ES positions around 1.5x larger than the former. All bets on Risk Off.
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