David Fuller's view When I doubled my US 30-year T-Bond short last Thursday, I mentioned that I might manage the second position actively, given the chance. This afternoon I covered half of my December T-Bond position at 130.04 against my short sale at 132.31 on 21st October, including all spread-bet dealing costs. I may reopen that short in the event of a rally.

I do not change my long-term equity investment positions very often, as veteran subscribers will know. However, having repeated in recent Audios the Fullermoney strategy preference for lightening investment positions when they accelerate well above their rising trend mean represented by the 200-day moving average, in preference to selling when everyone else is doing so and markets are weak, I lightened my long in ANW (weekly & daily) today. This was really a symbolic gesture and I sold just under a quarter of my total position at £2.74 against a book cost of £1.07. I may repurchase ANW in the event of downward mean reversion towards the MA or invest the proceeds in another Fullermoney theme over the next few weeks.