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Honest Board: Trade updates



This week both bonds and equities traded sideways, as the market continued to adjust holdings in response to the sell-off in rates last week. The two notable outperformers on the week were Chinese equities, with FXI up 4%, and oil, with WTI futures up 6.5%.

Source: Yahoo, DavidWooUnbound

The move in oil was to the benefit of our long XOM position.


Supply side oil dynamics as reflected in the price of oil now appear to have more influence on XOM than the demand side as reflected in SPY. For now this suggests that XOM will still rally on higher oil prices, regardless of how the broader market reacts.


Our exposure to Chinese markets through KWEB and CNYB both finished higher on the week, reflecting expectations of Chinese easing.


After failing to rally on the move in yields last week, the Dollar sold off slightly this week, breaking the tight range of the past couple of months.


The last significant move in our portfolios was in DIS, which sold off today in response to an analyst downgrade. By contrast, CCL rallied through the week, suggesting that the reopening theme remains intact.




David's trades:


In David's medium-term portfolio (The Money Game) we made no changes this week.

Portfolio

Ticker

Date entered

Entry

Last close

Size

Medium term

KWEB

36.54

37.13

​10%

Medium term

CNYB

5.60

5.63

100%

Medium term

DIS

152

151.92

100%

Medium term

CCL

20.25

22.94

50%

Medium term

TBF

16

16.68

50%

Medium term

XOM

64

71.85

50%

Medium term

Short EUR/USD

1.16

1.1417

100%

Closed trades year-to-date = 0

Closed trades that made money = 0

Closed trades that lost money = 0

Closed trades that broke even = 0


An archive of our closed trades is available here.


John's trades


In John's short term portfolio (More Buyers or Sellers) we made no changes this week.

Portfolio

Ticker

Date entered

Entry

Last close

Size

Short term

KWEB

35.77

37.13

50%

Short term

NNDM

4.62 (avg)

3.71

100%

Closed trades year-to-date = 4

Closed trades that made money = 1

Closed trades that lost money = 2

Closed trades that broke even = 1


An archive of our closed trades is available here.


S&P sector portfolio


Sector portfolio relative to SPY: -1bps


Cumulative year-to-date relative to SPY: -15bps


An archive of our closed trades is available here.


60/40 portfolio


60/40 portfolio relative to benchmark: -13bps


Cumulative year-to-date relative to benchmark: -13bps


An archive of our closed trades is available here.





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3 Comments


could the honesty board be updated each time there is a change in positions - very active and volatile market - would be helpful to know if stopped out or changed a longterm position without waiting a week or longer to be informed thx bob billings

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Thanks very helpful will check the forum more often appreciate the extra effort

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