Since my last update, I have made the following trades:
- Short Rio Tinto (ASX), $400k, $1.8k profit, intraday
- Short S&P 500, $3M, $5.4k profit, intraday
- Short Dow Jones Index, $4M, $2.4k profit, intraday
- Short Rio Tinto (LSE), $1.6M, $65k profit, held for 3 days
- Short Rio Tinto (NYSE), $1.6M, $68k profit, held for 3 days
- Short Vale (NYSE), $$550k, $31k profit, held for 3 days
- Short Rio Tinto (ASX), $240k, $0.6k profit, held for 1 day
I held short positions in Rio Tinto stocks in 3 different markets – Australia, London and US. This was because each market had different opening hours, and the circumstances changed throughout the day such that adding to my Rio Tinto short position made sense.
For these trades, I have rode the current general market and commodity stock downtrend. However, it is time to be cautious about shorting them. The magnitudes of stock/indices decrease have been very big, and the probability of a large corrective bounce is now significant.