China Update

With this last weeks falls, our initial price target was hit and profits duly taken. We will take profits first thing this upcoming week on the remaining 3 contracts. There is a raft of economic figures this week, notably from China, where they will be closely watched to see any effects of recent stimulus measures. Also this week the earnings season will be in full effect coupled with a European Central Bank meeting for good measure. With so much going on and the potential for surprises up or down we will watch from the sidelines, unless the market rallies above 1460 where will re-enter our short position as per last week, again with a stop 3 pts above previous top set within the last 4 years.