David Fuller's view An in-the-money stop was hit for a trading long in the BlackRock World Mining Trust (BRWM LN) (weekly & daily) yesterday. Consequently, my June long position was sold at 596.33p on 4th May against my purchase at 563.5p on 4th January. These prices include spread-bet dealing costs which usually narrow as the contract approaches expiry on equity trades and were 6.6p for this sale. With hindsight, it would have been smarter to have taken the profit in BRWM in the first half of April, when it was clearly overextended relative to its trend mean depicted by the rising 200-day MA.

Veteran subscribers may recall that while I do open trading longs in Fullermoney theme-related equities or ITs from time to time, this remains an expensive way to leverage up because dealing costs are high - relative to index, commodity or currency futures - which I am more inclined to trade. The main advantage of spread-betting, from my perspective, is no CGT in the UK.

I will not be selling any of the BRWM holding in my personal long-term investment portfolio, at this time, despite Australian Prime Minister Kevin Rudd's ill-advised, non commercial and socialist 'super profit' tax. BRWM has an international portfolio and has seen no more than a normal reaction to date within its upward trend. However this tax will adversely affect the competitiveness of BHP, RIO and other leading Australian miners, so I welcome all efforts to reverse the Australian Government's decision.