In the past week we have rallied pretty much everything we lost on the pullback, and investors were quick to snap up anything as good earnings have helped lift sentiment. This morning we are looking to gap up again as the dollar is getting smashed and commodities are rallying, and 9000 on the DOW is a real possibility by end of week.
Bunds have dripped below 121 again, and is trading 120.65 as I write, as 120.50 will be the next level to the downside followed by 120.08.
Data is light this week, so earnings will continue to stay the focus.
Euribor spreads are under some pressure as they retrace from highs. I would expect the front month to fall more relative to the back months as profit taking sets in. Butterflies are still the safest strategy but with very low volume, it is proving to hard to execute, and patience is the name of the game.
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