I was flirting with selling this on Sep 5th when I posted about getting more defensive and thought instead I’d have a trailing stop to take profits at lower levels. Today even though it’s weaker it is still about the level I was pondering to exit.
As I said when buying I unfortunately only got half my fill at 4.26 missing my plan to go into it in 2 stages the next being 3.50. So it’s not a large position. With the sharp rise in bond yields since and change in sentiment on second thoughts I have sold this today at 4.72. It returned over 10% in a few months but kind of disappointing in a way given my comments there about the position size.
I would have liked to have acquired some put options on the major indices which I discussed at the time of that post (but unfortunately didn’t execute and the VIX has surged). One of my sells in Elders has even moved up so haven’t really capitalised on that timely warning. On a positive note increasing my exposure then to more USD assets versus AUD has been prudent and should likely continue to be so if US treasury yields continue to rise.