- Yesterday was a brutal day for me on Sarkozy/Merkel bank recapitalization plan without details. Guess market was over-extended and ripe for a squeeze which caught me by surprise not so much that it occurred but by its sheer power (speed and magnitude).
- Nevertheless, however I look at the charts (eg AUD), I see strong downtrends for Risk. Expect resumption of Risk Off in due course.
- Sticking to game plan to continue re-building positions squared last week. Confidence obviously shaken so proceeding at a much less aggressive pace than originally planned.
- Sold HGZ1 @ 332.40, adding to short. Still target 272.50.
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