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Morning Comment

Having sold 3 @ an average of 6400 yesterday (excluding turns) I was making 6390- 6440 overnight. I bought 1 @ 90 lowered 10 points bought another and lowered another 10 points narrowly missing getting another.

So effectively I’ve bought 2 @ 85 and sold 3 @ 6400. Or put another way sold 1 @ 6430. So this is an example of managing the book, turning a bear of 3 @ 6400 into a much lower risk bear of 1 @ 6430.

I have no strong view today though I’ll keep my usual bearish stance which makes sense. The market was 80 points off early yesterday and 50 off at one point overnight, so there are plenty of chances to buy and I expect that to continue, also the recent trend up may well end.

So I’ll just make a price that manages the risk to start. I’m short of 3 which is comfortable. 6370-6420. If I buy at 70 that’s a 60 point turn on my bear at 6430. If I sell at 6420 I’ve turned my bear of 3 at 6400 on the day yesterday into a bear of 2 @ 6425 which would also be good.



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