My personal portfolio:
Comment of the Day

March 28 2011

Commentary by David Fuller

My personal portfolio:

Gold futures longs rolled forward; cotton short opened

David Fuller's view My expiring gold (weekly & daily) longs were rolled forward this morning, based on Friday's settlement prices. Accordingly, April contracts were sold at $1425.9 against purchases at $1338 (50% of the long position), $1414.1 and $1427 (25% each), on 1st February and 3rd March for the latter two positions. As this was a rollover transaction, longs were simultaneously opened in the June contract at $1427.78. I rolled this position forward because gold remains within its ranging overall upward trend but from a trading perspective, I would not like to see the March low near $1382 challenged.

Cotton (weekly & daily) continues to show a loss of overall upward momentum near the psychological 200 level but the lows are still rising which makes this a risky trade. The next big move should be to the downside but I may have to endure choppy volatility and the nearby contracts (where a huge backwardation exists) may not weaken quickly enough. I shorted the May contract at 197.365 this afternoon.

Prices above include spread-bet dealing costs.



Back to top