Many thanks to the Francophile "treehuggers" who shut down the centre of London last night with their anti war demonstration, causing Harry to be stuck in a Taxi for an hour on the way back to Hindsight Towers. May I suggest they go and live in Belgium where they will be most happy, especially considering yesterdays events at the European Commission. Germany, France and Belgium have agreed to set up a joint military structure, separate to Nato. Indeed, they must have been smoking a joint when they came up with this idea. Germany won't fight, France can't fight and Belgium? I really don't know what to say about Belgium apart from the fact that their military significance has,historically, been limited to providing the venue.
The eyes of the market remain on Iraq and traders seem to like what they are seeing. Today we have "Quadruple Witching options Expiry." This is when all the futures and options contracts expire on the same day and it means that the market can move very quickly and very violently. I will note bore you with the deatils or the reasons but trust me, be VERY CAREFUL.
Shares and the dollar remain strong and we are keeping our positions. We own Astra Zeneca, BA, Tesco, BSKYB the S&P, and Dollars. A number of you have commented that the US economy remains weak so why are we so bullish. Remember the markets are not rational. After September 11,2001 the US markets staged a huge rebound even though the economy was weak and about to get weaker. Market moves are not always rational. Trends however are self sustaining and we go with them.
Harry
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