Hope is gone and fear is in....

Seems "fear" theme is back in fashion - Deutsche Bank(http://tinyurl.com/6vojqu) got the bulls nervous yesterday - and this morning I keep getting rumours of Boa and C getting "nationalised" this week-end (Listen: they are already de facto exactly that).... nice lead-up to Obama's Inaugaration next week.

ECB's Trichet - I have to laugh - he sits and it seems honestly says: Inflation will be rising again this year? Mr. Trichet - which planet are you from?

1. Greece, Spain and Portugal in such dire straits its getting their currency debt downgraded
2. Italy is mere days away from same....
3. Eastern European Pre-ins countries collapsing day-by-day (Take a look at banks with exposure to Baltic region ---- ouch!)
4. Export growth ...which was Asia only in the last three years - has collapsed --- China calls on growth all of the sudden in line with our Outragous predictions ttp://tinyurl.com/84mv7x
5. PMI leading indicators tells us unemployment will reach 10% minimum this year..

Keep it coming Trichet --- it will only make EURUSD go quicker to 0.9500.....!!!

I maintain very defensive stance - feels naked with no equity short exposure (S&P @ 820.00) - but promised myself that 910-00 could happen........only short EUR/USD from here......

I am doing a few speeches next few weeks.. if anyone want to have a look at it feel to download from here: http://drop.io/z8p0m5v# (password: tosser)

Watch this week-end - it feels like the week ahead of Lehman.....

Safe trading,

Steen

PS: A few people been asking to our Macro Performance so here goes:

2008: +700 bps

2009 YTD: + 250 bps