Finally

With the onset of earnings season and consistent misses of top line growth, the market finally swooned from its 13th overbought week. A salutary lesson in just how long 'free' manufactured money can trump real economics. The world is quite obviously contracting economically or de-leveraging  from it's grossly over indebted state. This will be a long drawn out process should governments continually interfere, although we could now have reached the 'pushing-on-a-piece-of-string' moment. Such was the dramatic fall last Monday, our target for the week was hit. Should the market rally this week above 1568 we will re-enter our short position up to a total of 6 contracts with a stop of 1601. Should the market fall below 1530 we will reverse our remaining 3 contracts and add a 4th, with a stop loss of 1501. In a fragile and 'fast' market such as this, it often pays to wait for the day closing price before trades are made.