Hi Traders,

We took a short on GY at 212.55 after the Wall st start, we were rewarded with a fast +30pips after the poor consumer confidence data. US PPI also came out stronger than expected aswell, creating a bearish tone.

Since then, the market has been quite bullish, due to strength in the equity markets. Where the S&P has risen 5% since Fridays lows. 

We feel that this is just a rally in a bear market, as its not supported  by fundamentals.

If economic data came out more positively, we would believe in these rallies more.  So at some point it will reverse, but we are not confident at what price it will be. So we are sitting on the sidelines at the moment, awaiting further direction.

More updates tomorrow.

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