David Fuller's view My latest AUD/JPY long has been expensive because I held on for much too long. I closed it today by selling my September longs at ¥75.36 and ¥75.35, against my purchases at ¥8543 and ¥85.03 on April 9th and 12th, respectively. I do not like selling at what may prove to be the bottom of the range once again but want less leveraged exposure in this environment. I still have my remaining USD/JPY longs but have temporarily suspended my Baby Steps purchasing programme on the basis that 'discretion is the better part of valour'.

I reopened hedge shorts in US S&P 500 and German DAX Index futures this afternoon but at only half the size of this month's earlier short positions because I was selling into weakness and just above round numbers. I sold June S&P at 1104.3 and June DAX at 6021.

Prices above include all spread-bet dealing costs, which have widened due to volatility.

The risks with these short trades are volatility and the overall upward trends which are still intact.