Taoiseach Brian Cowen has told the Dáil he would “like to see” pay for top bankers cut by at least 25%. The key phrase here is “like to see”, meanwhile over in the US we have the rather more forthright Obama leadership demanding a limit of $500,000 as an executive compensation cap. These guys are still getting away with one of the most obscene jokes in history and should be shackled with the keys thrown away.

In other cheery news ADP numbers out in the US put unemployment at 522,000 but revised up December figures. Over this side of the pond our live register figures have hit a record high of almost 328,000. All in all these are bleak numbers and don’t bode well for the future, let alone Friday. However markets being markets this figure coming in as expected could rally the markets further. Who’s to know?

I’m still dipping in and out but waiting for a rise above 4250 before shorting again. I am currently running three short positions.

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