I on the plus side am short 5.50 Euro on two separate positions and am quite happy to leave them alone for a while. Merrill Lynch has come out with more write downs and the market seems deliriously delighted and rallies over 200 points. Is this not the third time the banks have raised their collective hands in the air and said “yes, it was me but I’m sorry” with their doe eyes how could they be lying. So off we go and load up on shares. Well apologies if I fail to believe them with my cynical pessimism. There is more to come, a lot more to come.

For the moment I’m looking at selling up and cashing in at around 5050. My previous statement of a new low of 4500 may be hard to reach with oil reaching lower lows. This takes the pressure of the steamer for a while.

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