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« The US Dollar heads down again! | Main | Portfolio Update 20 May 2008 »

SKF: Closed Our Position

Aside from our main investments in gold and silver, we recently bought a short position on the US financial sector via an ETF called Ultra Short Financials ProShares, (AMEX:SKF)

However we have now closed our position for $106.00 per share and as our average cost was $107.155, we have taken a loss of just over 1%.

Although this is not a great loss we are disappointed in the poor performance of SKF, or rather, the relatively decent performance of US financials in recent weeks. The investment community appears to have become “immune” to bad news from banks so we will leave it for now.

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Reader Comments (2)

Ignoring bad news has been an obvious, remarkable and counter-intuitive trend in the Financials for some time. More to the point, why? My only shred of a theory is that investors believe the Fed/Treasury will provide a safety net no matter what, eliminating ultimate loss.

May 21, 2008 | Unregistered CommenterJim Smith

Try British banks. Americans believe a rights issue is clearing the decks along with all the other stuff.You look for sentiment far much more over there.

Here we are a rain soaked cyncical bunch. We are trashed over here everytime the Housing market info comes out. If we issue a share rights down we go. There is no upside at the moment..

May 21, 2008 | Unregistered CommenterA Donohoe

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