The banks has a really good run to the downside last week, more so than other categories. Hence, with the bounce on the SPX on Friday night, and the fact that I suspect that the SPX and DAX bounce could have 2 or 3 nights in it, I closed out my CBA and NAB short trades today for reasonable profits. I didn't want to wait for another good night on the SPX and DAX to chip away at my profit with CBA and NAB.
What about MQG? Well in this case I let my profit protector stop close the short trade on Friday afternoon. Now I owe Flem a whole truck load of EMU after banking the MQG profit on Friday.
I might short CBA again after it reports later this week.
BSL was the surprise for me today when it gapped down at open and was 1.5% down not long after the start of trading while most of the ASX was up. BSL is not as liquid as most stocks that I trade, and I have found that it can reverse direction by quite large %s very quickly. Hence, I manually closed my BSL short at 592, not far above the low for the day. My BSL short trade profit was quite good as well, more that my CBA profit, but less than my MQG profit. Hence, the surprise. I have found in the past that quick profits can be made trading BSL, but if you get it wrong you need to close the trade very quick because it moves quickly.
WES has been another good performing short this last week or so, and the sp continued to fall a little today. Despite sitting on a good profit with this WES short trade, I decided to not close it today.
From my BHP, CTX, RIO, and TLS short trades, 2 are up a little and 2 are down a little, but I kept all 4 of these trades alive today.
JBH obviously resulted in smiles on the CFD forum today, but there would have been others on the other side of the trade cursing. Well done to eferybody on a winner with JBH. If I had shorted JBH recently I would have probably locked in profits today.
