There has been little of interest to comment on during the abbreviated weeks’ trading as tension over global trading continues to dominate the markets. FX trading continues to be mixed, and no more than a footnote to the Equity markets. Here also the only consistent factor is the nervousness that dominates the markets. Any news is lapped up with disproportionate enthusiasm, whether positive or negative. The markets all need to settle down and it’s difficult to see that happening any time soon. We are currently witnessing both the US & China blowing their neck-frills out like over-excited Chlamydosauri, getting terribly over-wrought but without any significant damage being done. At this point the world would benefit from them getting on the same page and resolving their differences instead of being quite so unevolved. We believe that our position of buying dips and selling rallies will continue to pay dividends in Equity Indices until the huffing and puffing dies down.