David Fuller's view With profit taking evident in commodities this morning, I decided to sell my latest wheat longs. This proved to be premature and I received the not very good price of $8.230 for the March contract, against my purchases at $8.151 and $8.045 on 3rd and 6th January, respectively. Most regrettably, this latter purchase appears not to have been reported in Comment of the Day, due to my oversight.

This evening, I opened a second short in US 30-Year T-Bonds, selling the decimalised March contract at 121.50. Technically, this appears a bit risky as the price could break in either direction out of the current trading range. However I am using my Baby Steps sell-high-buy-low tactic and intend to add to this position if it rallies further.