To bring the portfolio in line with our suspicions concerning Christmas market strength, we have put on a short position in steel maker, Acerinox at 12.04€. Currently trading at 40+% above October panic lows and having twice retreated from clearly defined resistance at 12.50€ since mid-December, it looks fairly vulnerable to continued bad industrial production statistics.Not that we acted on them, but our late-November doubts concerning the outstanding performance of Viscofán proved to be prescient. From star performer, today's 13.33€ close has reduced it to slightly better than a breakeven proposition. On the brighter side, the IBR/ITX pair put on at the time of the writing of that entry has finally begun to behave as envisioned. Going long Iberdrola Renovables was the correct decision but, clearly, we started kicking Inditex long before it was actually down. A dismal Christmas shopping season, however, now has the spread a few points to the good.
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