David Fuller's view This afternoon, on seeing news that the Standard & Poors Ratings Service had revised its outlook on US long-term debt from stable to negative; I used the S&P 500 Index's weakness (weekly & daily) as an opportunity to cover the least profitable of my four equal-sized short positions. I bought the June contract at 1300.63 against my short sale at 1322.13 on 31st March, reducing my short position by 25% in the process. These prices include all spread-bet dealing costs. My remaining three S&P 500 shorts are protected with slightly in-the-money stops.