Traded Nikkei225; Sold SGB; Holding Rio Tinto Alcan
by, 6th-November-2007 at 03:30 PM (1690 Views)
The Japanese index is actually a pretty damn easy one to make money in because its so weak and so laggy!
Once the US futures started tumbling, taking the SPI200 and FTSE down with by a good 1%, Japan's Nikkei index was the only one in gains ... essentially still lagging.
I shorted the Nikkei at around 16300 and woke up to see at 16100, a 200Y gain, and then the US market started suddenly recovering, the FTSE and the Aussie futures made rapid gains, and once again the Nikkei, still in losses, lagged.
So I went long at 16100 and sold it when I came home at 16295, an easy gain.
The Jap stock market might be slow and painful but its a damn good market for short-term index trades.
I bought SGB at an average price of $35.90 and dumped it at $36.92 today, I just want to lock in my gains as I go and find a cheaper bank.
I continue to hold Rio Tinto Alcan as my major asset.
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