Bye-bye British banks

Fund performance: -7.316% still.
Active trades: Short EURAUD to March IMM; MtM +0.465%. Long FTSE March future; MtM -0.37%. Long SPX March future; MtM -0.036%. Long GBPJPY to June IMM; MtM -1.12%.

Short post today for Martin Luther King day. Thoughts still the same. Still looking for the Obamarama-fuelled risk-rally. Still not convinced it's going to happen! To clarify, I believe it will happen at some point but worry that I'm too early...possibly way too early.

Big news today was the continuing collapse of British banks, and particularly RBS. It is surely only a matter of time til it is fully nationalised. And probably the rest of them to follow over the ensuing months.

Unfortunately, this understandable pressure on British banks has brought similiarly understandable focus on the Swiss banks and similiarly the CHF. Unfortunately, we never got on our long USDCHF position - we raise up our bid marginally to around the 1.0800 level awaiting for a bout of USD weakness to get the position on.

Good luck and enjoy Obamarama!