Chart update:

Clearly the market likes RISK ON - the talk and expected small revaluation adding to the fire, although I remain extremely sceptical on significant revaluation due to China's trade balance eroding. The Chinese is playing US administation as they please!

Otherwise - I remain focused on RATES - they continue higher - now 10 years confirmed broken of long-term trend, and 30 Y on the edge indicating significant downside (higher yields)

There is divergence to watch: US dollar index should be higher with rates but is stalling - watch this.

In the equity market China has been the key mover over Easter - but despite this they remain the only market lacking in setting new highs - and finally note how investor sentiment is EXTREMELY bullish - do not know if it matters in a world where everthing is good :-)

Winston