Not much has changed with the portfolio over the last few months, so this represents the first update in a while following a couple of trades in the last day or so.
In the NCAV bucket, while there has been no further news on the QXM situation since the last update, the last little bump in the stock put it up over 65%+ since inception. As such, in accordance with the NCAV bucket's selling rules I have cut half the position. The same is true of CNTF, which was up around 75% since inception.
Finally, in a follow-up to the recent post on currencies, a new theme or bucket was started (which I’m titling “Currencies”, catchy isn’t it!) with the addition of EUO (A 2x Short Euro vs. USD position). The recent hints of more Greek accounting issues and the Euro meeting continued resistance once more at $1.40/Euro was the tipping point for me to put on the trade, which is initially sized at c3% NAV (though remember, it’s a double leverage position so it will have the impact of a 6% position size).
The next week promises to be a bonanza of macro-related news; with Q2 GDP out on Friday, US mid-term elections next week and then (not to be left out) the FED telling us how much money they intend to throw at the problems (and how frequently) through QE2. It will be interesting to see how markets respond to all this news, and whether the response in the coming weeks matches the initial response.
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