Insatiable

Despite running overbought for the best part of 3 weeks, last week the market continued reaching for the skies and in so doing stopped our position out once more. It may well be that no-one wanted to step in front of the January rally and we may now see more normal conditions re-assert themselves. We continue to think a major pull-back is due, but until we see a down or at least unchanged week, we can not risk further losses. Today (Monday) is seeing a correction and may portend a change in sentiment. Should the market rally back up to the 1514 level, we will sell 3 contracts with a tight stop of 1524.