The first couple of days in September saw some decent falls, followed by a strong upward move. Its looking a bit familiar so far in October and is benefiting the portfolio too.

I’ve been stopped out of the remainder my FTSE 250 position at breakeven, buying £1 per pt @ 9150 and with the surge upwards I’ve halved my FTSE 100 short @ 5109, taking a £132 profit. The remaining £3 per pt short will be closed at breakeven if the index gets there.

I’ve also added to my Eros International (EROS) position, buying £20 per pt @ 190p. There looks to be a large seller around the 200p level but some big trades have gone through today so some progress is being made there. I will be happy to add if it falls further as the recent trading statement was very bullish on current business performance.

I’ve also opened another new position, buying 700 shares & £10 per pt of Telecity (TCY) at 324p. TCY looks an expensive share on earnings metrics but is in a real growth sector, computing data centers, and business looks to be going very well. It is also a potential takeover target. The share price has done nothing much over the last 3 months, compared to the rest of the market and I think it has some catching up to do.

A happy bunny today after the last couple of days, most shares in the portfolio are up with the stand out performer the RBS prefs, up over 10% so far this week. Happy to sit on my long positions for now and see if the market can make new highs for the year.