Trades I have undertaken this week

A busy week given I spent half in America and half here in Europe but an interesting week on the markets.  Take a look at the VIX for an indication of this: after the sub 12 prints of late last week the VIX touched 17+ this week.

I often talk about earnings trends in this regular posting.  Despite the volatility, concerns and other issues to deal with the global macroeconomy companies are still providing some positive lights.  First, as I initially noted a couple of weeks ago, European companies are still seeing positive earnings revisions for FY15 (whilst FY14 earnings have been almost continually downgraded during this year).  

Meanwhile in the US the negative/positive preannouncements ratio is lower on a sequential quarterly as well as year-on-year basis.

There are challenges but opportunities too. 

So onto the trades.  Despite my travels a few to note.  

Buys/adds/covering or partial exits shorts:

Citizens Financial - an interesting financial sector spin-off as detailed here

Rio Tinto - partial cover of short position following mining sector recent weakness

Smith & Wesson - continuing to build up position as detailed in previous weeks 

Sells/top-slices/short initiation or increasing

Japan index long - took good profits here as index moves to a 5+ year high helped by yen weakness