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Dec. 16, 2008
Even though I think bond prices are going to keep climbing (and long term
rates falling), I was feeling a little chicken heading into the holidays and
we therefore exited virtually all of our long Treasury
Bond positions into today's sharply higher close. As I will be
leaving town this coming Friday and will not be back in the office until
January 2nd, I really don't care what Bonds do until 2009.
I would also say note we were stopped out of our long Crude Oil
positions last week, with, in general, a little more than a $3.00 profit on
our purchases made on December 5th. Crude went up almost
immediately after we bought it, we moved our stops up (giving it what I
thought was ample room) and were stopped out, then watched the market move
back up again. My guess is crude is probably still going up some, but like
the Bonds, I'll wait to take a look at it in 2009.
Cattle and Soybeans have recently been moving the wrong way for
us, but I continue to believe they are both going lower. We are
currently positioned short in the February Live Cattle and March Soybean
contracts.
Thanks,
Bill
866-578-1001
770-425-7241
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