We longed gold ( NYSE GLD) this past week. However the long position was not set well with a short put option on GLD’215 expiring on May 8 that goes in the money. We sold the position gained from the expired put option at a wrong timing when GLD was at around USD213. We are establishing the long position again this time through plain long position. We are long gold in medium term and therefore the short put position was a mistake as its term is too short. We believe the plain long position on GLD more correctly represent our view.
On HK market, We are short on HKEX (HKG388) based on technical as HKEX was at HKD264.8. However we fail to take profit at around HKD258 level and suffer a 5% portfolio loss when HKEX soared 7.6% today. Our stop loss mechanism limited the loss to around 6%.