What can I say... this is becoming boring, but another very sharp rally on the back of better than expected US unemployment numbers means the Dax has hit again sell levels in the short term .
The problem here is that I can easily see mkts squeezing higher to hurt all the would be (and current) bears, so that the path of maximum pain is followed, and the greatest number of people are hurt before Indices decide to give back some of the gains seen in the last 3 months. But given the path bonds yields are taking (higher) I can't do anything but foresee weakness ahead in stocks.
UNLESS of course for some reason bonds stage a very sharp rally next week (US refunding upon us...) and thus the differential performance between stocks and bonds goes back to a more "normal" average.
I have to stick to the numbers: still short.
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