- Got out at the right time, got back in too early. Overall stance remains unchanged, still firmly in the Risk Off camp. Gave back some P&L obviously, but generally comfortable that I will make good eventually. At week's end, Italy and Spain ratings cut by Fitch (+Portugal negative watch, maybe cut to junk) might have created a top in the Risk On rally (in spite of > E NFP) although we are by no means out of the wood yet.
- USDX : Pause in uptrend. Pause only.
- US10YY :Above 2.00%, excellent levels to go long TY. I was way too early with this so only able to watch from the sidelines and not add more for prudent money management reasons.
- SP500 : Re-entered triangle again. But chart still bearish. Give it a chance.
- Gold : Reverse of USDX. Pause in downtrend. But down it is.
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