- Charts-driven core Risk Off (short S&P + short EUR/USD) trades going according to game plan thus far. [S&P weekly uptrend line being tested now].
- In my view, a weak Risk Off link = being long USTs. Amongst the Risk Off proxies, this is my least favored vehicle, thus making it (short UST) my preferred Risk Off hedge.
- Based on my perceived trading ranges, have sold TYZ2 this morning at 133-30 to lower core book P&L volatility. Time frame for "trading" the hedge will obviously be much shorter than that of the core positions. Small profits will be taken when they present themselves (as will small losses)!
- [Note : For all intents and purposes, hit annual stop loss in Aug. Thus risk being run since then (for the rest of this year) scaled down to only less than 10% of my usual levels. A meaningful P&L recovery for 2012 is not expected.]
09 November 2012
US 10-year Notes : Risk OFF "Trading" Hedge
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3 comments:
Paid 133-24. SQ now.
Round 2 :=
-134-05
+133-30. Squared again.
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