Gut feel worked...

Fund performance: -11.636% (still).
Open positions are still short EURAUD, short EURGBP, long GBPCHF and long SPX March futures. MtM of these positions is about +7.5%.

We are happy but gutted. Happy that gut feel led us to increase our SPX long on Monday night. Gutted that we missed out adding again last night by 0.5 of an SPX point! If we'd been filled, our MtM would be up a further 2%+! D'oh. Oh well. We are in a position of strength and the markets have treated MCFX kindly this week (even if our late-employer did not). Our GBP trades are also gaining strength and we are in fact on side on every single one of our open positions.

We are looking to push these trends. We like adding from a position of strength. And the general suspicion towards this equity rally encourages us. We will look to add to our SPX position on a pullback to around the 865 level with stop around 850ish. We increase our stops on our present positions to around a similiar level to ensure we lock in a profit overall.

We are also looking to add to our long GBP positions at some point in the future. Looking at a GBPJPY chart we notice a very nice uptrendline from the recent lows - something that we would trade if we were a day trader. However being that close to that good a short-term trendline scares us - we would prefer to wait til it breaks and buy on the ensuing dip. Either that or until we move cleanly away from the trendline. Either way, we've been made wary of tightening up the stops on our GBP positions or adding to them... at least for the moment.

But we are frustrated that our recent job distractions meant we missed instigating a long GBPNZD position on the dip on Monday as we had said we would.

We have temporarily removed our USD bids, against both CHF and EUR but think the next few days will provide a good opportunity to institute both these positions.