Add 15% short WTI september crude at $71.25 and add to SPY short at 94.52 at 10%. Add 5% short september copper at $2.32. Commodity trades offset the reflation beta in silver. Given the contango, the market is pricing in a recovery, or a supply shock in crude.
The SPY positions add up to a short at 93.75 since they were declared 30% 92.20, 30% 95.50, and 10% 94.50%.
(The losses from the new currency positions will be counted this month...)
- SPY 70
+ PBR 5
+ Silver 20
- crude 15
- copper 5
+ German government bond 10 year 100
+ US Treasuries 10 year 70
- EUR/SEK 30
- EUR/AUD 5
- EUR/USD 30
- GBP/USD 30
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