The game is pretty simple today...

It's all about whether we manage to close above 200 SMA in SPY(S&P) into the week-end and the G-20 Finance Minister meeting in Butan, South-Korea. Seems the main topic being the European Crisis.....

Otherwise we finally got some new issues on the table:

• JPY bearishness - main contender for Primeminister known as JPY WEAK spokesman......  Market is getting very long USD/JPY here - I remain somewhat sceptical, but... with RISK BEING ON.. fair chance
• China - increasing wages 33 pc - it shows how social tension is far more dominant in the Chinese decision making than external pressure - in this light I am of the opinion we will see further TIGHTER monetary policy to keep INFLATION under control.

Obama seems to have leaked the Non-farm data, but both of todays indicators was disappointing leads, but pinch me if the Government will not manipulate consensus up-and-down to make stellar number. Obama needs some success and now, and Non-farm easy way to go to the week-end.

Otherwise the positioning the same - been adding some NOK today otherwise - still net short with Beta and following the 128.10ish level in Bunds closely.....

Winston