America is a country that doesn't know where it is going but is determined to set a speed record getting there. Laurence Peter

Dear Investor,

Seems like Bernanke is loosing his memory during the Congress grilling today - being the "inventive" type I found this url which may help the poor guy: http://tinyurl.com/kjbfne

I never liked to the "public show casing" but for someone with so much smoothness that he is only 2nd to Obama - Bernanke deserves the treatment he got, if only because he more and more feels, similar to Greenspan, that he is on top of things - soon I am sure, he like Greenspan, will have 200 economist weigh the US GDP, only to double check if Greenie dit it correctly the first time.

I must admit to being slightly out of sync with this market - my approach recently has been one of reading the "big research pieces" and staying away from the "slot machine", but the market refuses to move outside it's Summer range for now:

S&P likes: 880- 950, EURUSD: 1,3800 - 1,4300, 10 yr notes want to stay below 4.00 but not below 3.50%(..for now..).....so the right strategy for whose who can wait will be to out-wait the suspense of this market.

Today I read Bill Miller Q1 newsletter (http://tinyurl.com/lqwhzk) in the desperate hope of understanding my "opponents" - however it was disappointing reading, it read more like a plea and prayer for better days than a investor letter........

• We had six week of straight gains (all of 2008 we only had three)
• China is up 30 pc, Korea 20 pc, India 17 pc - the breadth of global rally is a good sign.
• Financials remains the greatest controversy, and in my opinion (i.e: Bill Millers), the greatest opportunity in the market.

Then he threathens me and the fellow sceptics with potentially ending up like Pyrrhus (http://tinyurl.com/l42w83) - he forgot I am the generation who DID DO Latin in school - I do not forget: Italia terra est, Sicilia insula est and the PPP :-)

Anyway ...

My focus remain for "cyclical" turning dates in early July - untill then I am trying to keep the powder dry...

Positions:

Short EURUSD, short NZDUSD, Short Crude, Long 870 Puts August - and JPY calls long...

Safe trading,

Steen Jakobsen