So Bernanke basically says that interest rates might have to go on hold soon because the economy could turn into a pile of poop and equities soar. Irrational maybe but quite understandable. The world and his Handbrake were sitting short and many with stop losses around the 1245 level in the S&P. As I wrote last time the theme of this market for a while has been taking out the stops. There are just too many people chasing the same positions at the same levels. It is worth noting that the SOXX remains below the key 425 level and below this level at tomorrows close says to me the down-trend is still in place.

Accordingly I have altered my style and I will now start to dip my toe in the water with some equity shorts, NOT in full size yet.I am selling some SPX as I write, who says men can't multi-task,at 1259 in the cash, with a stop loss above 1282. I will increase to full size on a break of 1240.

Currencies are tricky. I keep wanting to sell Stg/Yen and it keeps going up and with expensive running costs it's tricky. In fact all the currencies are tricky, so let's stick to selling equities for the moment; that and the golf which I am now off to for the weekend with mini Harry and the Handbrake.

Have a nice weekend all

Harry