David Fuller's view Fortunately, it was only a small hedge introduced as I was anticipating an increase in stock market volatility but did not want to sell any of my long-term stock market investment positions. However, it was a poor strategy because the US has remained one of the strongest stock markets in recent months. Seeing another upward break this evening I took the loss, buying back my September contract shorts at 1702.63 against opening sales at 1540.13 on 19th April and 1573.25 on 24th June. I also opened a long in the September Nikkei 225, paying 14,287.5. Prices above include all spread-bet dealing costs.