So since my last post, Ranbaxy’s September future has scaled up to 414, a 3% increase. I’m still holding; it seems to have some steam left. Let’s see how the next few days go. The spot price is still 490+, so there is a huge differential.
Another thing: The straddle I mentioned, and then updated, is staying on course, but lost about 10% in premiums today. It’s still net up about 20%, and I’m going to consider closing it tomorrow, should there be no major move.
The Short Only Strategy of course is doing badly with this dramatic rally, down about 90K from the highs – yet, it’s not anything to worry about. Maybe time to double up – but I wouldn’t do that on the way up. It’s better to do it on the way down.
