Well, well here we go...I am an Idiot!

I was, as expected, an idiot trying to proclaim Greece bankruptcy - on this morning, the day after the June 13th, the market is more in the mood for risk-on - must be the BP-story, the slowing economic data, the low yield, the blow-out - again in both Spanish and Portugese bonds.

Whatever it is: It works, so much we are at risk for having to go neutral and accept a summer on range-trading and drift upwards in stocks prices.

Our beta-model still very much short, but I will be observing the 200 ma today on the close and likewise the EUR - which despite political turmoil in Belgium is well bid. Sometimes the market reaction counter to normal tells more about the next trend than the underlying analysis. Clearly Belgium should have been a negative!

I neutralized all my positions, as P&L management dictates it, and I will pick up with the analysis again post our regular Weekly Meeting tomorrow.