Bought back @94.43 the 6 TLT ETF units I had shorted recently, for a meager 16 dollar profit. The reason is because I did not have the opportunity to short much more at higher prices, and I do not like to keep small hedging positions unless I plan to add much more at current levels, which I wasn’t. I started shorting over 97 but it never went much higher to establish a solid entry. Keeping just 6 etf units is not much of a hedge.
There is quite some fear on the market so I might get the chance to short much higher amounts at higher prices if there is another fear shock, and if there isn’t then its no problem since in that case there will be not so much need to hedge.
So my point is that I will re establish a short position only if there is a panic attack on the market, in which case stocks will go down, and TLT will be, hopefully, as it has in the last years, be used as a safe haven and will go up providing a good and safe entry point. I say good and safe because given inflation and interest pressures much higher prices for T-bonds are, I believe, unsustainable.
3% in 2 weeks would have been an excellent return if I had shorted much more, but the right price for that was not reached.
At least with the 16 dollar profit I can pay this months commissions which was quite an active month for me.