Position Update

April 30th, 2009 11:54 am | by John Jansen |

I just sold my 1000 shares of PST at $ 54.77.

I am flat now and have no interest rate exposure.

I covered for several reasons.

Before I began chronicling the position here I had gotten short at 2.85 percent 10 year notes. i was covering the short against 3.13.

I am following the old adage about  bulls and bears and pigs. i thought that nearly 30 basis points was a nice trade.

It seems as though there are buyers this morning. Or at least short covering buyers.

And after writing that post earlier about how cheap this stuff has gotten on spread it seems that we are getting closer to levels at which the risk reward is more evenly balanced.

So since no one ever got fired for taking a profit I decided to get even.

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  1. 4 Responses to “Position Update”

  2. By Bman on Apr 30, 2009 | Reply

    Nice trade. I am scaling-out of equities. It has been a nice run – I think this is alot of smoke-and-mirrors.

  3. By gab on Apr 30, 2009 | Reply

    I second Bman – nice trade.

  4. By John Jansen on Apr 30, 2009 | Reply

    thanks.

  5. By Wallie on Apr 30, 2009 | Reply

    I concur, nice trade. Curious tho why you went with PST over TBT for your short play.

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