-18-
involved balanced straddles; some were butterfly spreads;13 (3) in
1979, Tandrill, in its account with Bache, entered into 160
contracts of copper futures straddles, 330 contracts of gold
futures straddles, and 1,110 contracts of silver futures straddles;
(4) in 1979, Tandrill closed out by offset 100 of the copper
futures contracts, 164 of the gold futures contracts, and 697 of
the silver futures contracts, realizing a net loss of
$1,772,139.10, including commissions; (5) every futures spread
Tandrill closed out in 1979 involved the realization of a loss,
with the exception of an aggregate gain of $612 realized on 20 July
1980 copper contracts; and (6) on a weighted average basis,
Tandrill's 1979 silver, gold, and copper spreads were kept open an
average 12.10 days.14
13 For example, on Nov. 26, 1979, Tandrill purchased 20
May 1980 copper contracts, sold 40 July 1980 copper contracts,
and purchased 20 September 1980 copper contracts.
14
HOLDING PERIODS, 1979 TRADES
DATE DATE NUMBER DAYS X
SOLD BOUGHT QUANTITY DESCRIPTION OF DAYS QUANTITY
11/01/79 11/21/79 18 Apr. 81 Gold 20 360
11/06/79 11/21/79 146 Apr. 81 Gold 15 2,190
11/15/79 11/21/79 119 May 80 Silver 6 714
11/01/79 11/21/79 73 Dec. 80 Silver 20 1,460
11/02/79 11/21/79 79 Dec. 80 Silver 19 1,501
11/05/79 11/21/79 88 Dec. 80 Silver 16 1,408
11/15/79 11/27/79 108 Mar. 81 Silver 12 1,296
11/21/79 11/27/79 75 Mar. 80 Silver 6 450
11/21/79 11/27/79 132 Sept. 80 Silver 6 792
11/21/79 11/27/79 44 Sept. 80 Silver 6 264
(continued...)
Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NextLast modified: May 25, 2011