Monthly Report 

1^st March 2006  – 31st March 2006

On the bright side, what is working well is capital preservation, which mustn't be under-estimated.  Since commencement of these reports, I've had a superb run, and so far haven't given back very much since things have turned against me.   

As can be observed, trading has been tough for me since mid December when, as mentioned in my January report, Japan raised the possibility of interest rises this year.  Right now I don't really know if my old methods have run their course, or whether they are just going through a period of adjustment.  Only time, cautious trading and a lot more analysis will tell.    

Fortunately, it doesn't take long to get out of a hole, when the markets oblige;  if the hole isn't too deep - that is!