David Fuller's view

Profit taken in London Wheat

I have been trading Wheat this year on weather-related moves and yesterday’s upward dynamic gave me a chance to take another profit, this time in London Wheat (weekly daily) today at a somewhat better price.  Despite that upward dynamic, the influential US Wheat contract (weekly & daily) remains in retreat following its impressive gains from the oversold position at the end of January.  Therefore I decided to close my long, probably temporarily, and sold my London Wheat June contract at 165 this afternoon, against my purchase at 156 on 5^th February.  The June contract expires with IG Index on the 17^th April.  These prices include all spread-bet dealing costs.

The Fed’s low interest rate reassurances yesterday only lifted Wall Street for a day, and a 10%+ correction still looks like a real possibility over the next few months.  I was stopped out of my S&P short yesterday but to anyone who is still holding this position or a Nasdaq short, well done!