David Fuller's view Timing is everything with hedge positions and I opened this short approximately 100 points too early. I certainly knew this when the S&P (weekly & daily) broke above 1600, but held on because I could also see that it was becoming even more overextended relative to its MA. The early timing error meant that I did not want the additional pressure of opening more hedge shorts at higher levels, so the hedge strategy did not work out as intended.

Nevertheless, I covered half the position today, buying back a September short at 1558.63 against my sale on 26th April at 1570.13, including all spread-bet dealing costs. This evening, I reopened the September hedge short at 1573.25, also including spread-bet dealing costs.