Preliminary calculations

About a one percent gain...

About a 2 percent gain in government bonds and 2.4 percent in currencies.

2.4 percent loss in equities and a .9% loss in copper.

Also add another 15% in copper at 2.93.

short copper again

Luckly I avoided at 9 cent move by covering. short copper at 2.76 (let's say december) at 15%.

accounting losses

We'll start from the May 28 positions

Total losses

Currencies:
-GBPUSD .3 * (1.44/1.394 - 1) = 97bps (open)
-EURUSD .6 * (1.69/1.625 -1) = 240 bps (open)
NZD 140 basis points

Equities:

-SPY .8 * (100/97.5 - 1) = 200 bps (open)

Commodities:
Copper .25 * (267/239 -1) = 292 bps
Silver .2 * (1 - (13.90/14.93)) = 137 bps

Gains:
Germand bonds 282 bps (from 3.65 to 3.31)
oil 180 bps (71.25/62)
short treasuries 160 basis points (from 3.48-3.68)

All together 5 percent loss. (A 5% loss in two months isn't that high).

New positions (close german goverment bond short (no gain no loss 3.31 to 3.34)/ long treasuries 10 year Treasuries at 3.64 at 120%) (Bernanke may print money again and Treasuries may rally so we need a larger position to hedge the dollar longs )

Tommorrow we short copper.

The RALLY WILL END SOON. I regret betting against it too early. Finally the Darwinian flush of the Bears is done! The breakouts of the Euro, pound, equities, copper show a blowoff high much like oil at $147. The former two had very strong resistances at 1.43 and 1.65 respectively. It feels like euphoria, much like the top of the NASDAQ bubble.

positions

- SPY 80

US 10 year Treasury 120

USD AUD 40
-EURUSD 30
-GBPUSD 60

- gold 20

USDAUD at 1.19 40% of NAV. Close All of the German government bond position at 3.31%


Establish short positions in German government bonds at 3.31 100%.

Cover copper position at $2.66. This is a 282 basis point loss.