Most of my trades were awash in red ink today. Wheat went up, which was good for me, but beans went down. Even though I’m spread on beans, I lost a little on my spread. Corn only went down a cent, which didn’t bother me at all. Sugar took a hit, and I’m right at break even, although I’ve got that position covered up with options, so I won’t do any worse than that. My gold position took a big hit, and although I’m still a wee bit profitible, I left a lot of money on the table. I wanted to sell some S&P’s this morning, but chickened out. I chickened out on buying some puts also. I’m looking at the bond market with renewed interest, and might get down some size on the 30 year.
Meanwhile, there’s a huge auction tomorrow at Sotheby’s London (early AM our time)that I’m bidding on four works. I will be on the telephone to control my bidding. I have consulted with my art guru, and have established the maximum prices that I’m willing to pay per piece. Frankly, I think there is a huge amount of inventory in the mid-range works by the masters. The owners must be getting a lot of margin calls. Oh well, that’s good for me. However, my lovely wife insists on me winning the Gauguin, and I will risk penury to satisfy her in her twilight time.
