I went long the S&P this morning and got a great fill near the low. At one point, I had a 11 point profit. However, the future sold off at the close, yet closed. I was able to put on a little option synthetic hedge when the S&P was trading at 1420, and I have a net free long position. I blew out of my wheat spreads because I just didn’t have the balls to withstand the volatility. The wheat spread gave me a $0.18 profit, so I’m not complaining at all. Hell, that was a nice overnight trade. What I’m really waiting for is for the wheat market to stop this free fall so I can buy about 10 million bushels. My sugar position is flat…..more or less in the toilet. I’m going to cover it tomorrow, and free up all the capital I have tied up in this trade. Oh well, my timing was all messed up when I did the trade, but then again, I shouldn’t have been trading at that time. Despite my folly in the sugar market, I still will eke out about a grand profit….which is embarrassing.
I’m going surfing, then picking John up at SRQ.
I better make arrangements with Sotheby’s to deliver my art. I left NYC without giving them instructions, and they want to know where and when it should be delivered. Frankly, I’m going to try to convince them to store it for the summer, and I’ll deal with it when I get back.
Jeff
