Saturday, 14 March 2015

Trades I have undertaken in the last week

What a strange week.  Dollar strength...

...and hence euro weakness but phenomenal European inflows helped push the regional bourses sharply up.  

Looks a bit different in non-euro terms however.  Versus the rampant DAX the US dollar denominated iShares German index does not look that striking.  Hmm! 

But I note earnings revisions as measured by Thomson Reuters continue to be negative both in the rampant European bourses (just three sectors however showing YTD improvement)...

 ...and strikingly in the S&P 500.  All sectors there have seen YTD declines and at just 1.6% full year 2015 anticipated growth I am not surprised...
...that the US indices are now down 3 weeks in a row.  The S&P 500 to test 2,000 index points sooner rather than later?

The above has really driven my trades this week where my overall exposures remain light and in my FX allocations I still remain long the US dollar against both the euro and (much more materially) the yen.  I added to my long (VIX) volatility position and re-boosted my position in Randgold (inspired by my writing here).  

Additionally stock specific reasons led by an increase in my Telecity position (link here) plus in the UK and German bourses respectively after recent results Ashtead and RWE.  

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