Pre FOMC

Dear Investors,

Nothing much to add to the equation - positions remains the same - I used the spike in EURUSD to add some put 1,3900 mid-July (from 1.4080 ish spot level)

Some of the leaks pre FOMC remains that they will not move, on the other hand it seems clear that the economic data prepared by Fed staffers believe in "Green shoots" - the same message is carried by OECD latest report: http://news.xinhuanet.com/english/2009-06/17/content_11556269.htm

I remain with my firm believe that July+ August will be extremely nasty for the equity markets, but for the next 48 hours "anything can happen" as the Socialist State of America rolls out all of it PR-machinery to make the world believe the US is doing fine, if not great......

I will leave for Hamburg for business meeting shortly - reporting back tomorrow post FOMC and pre ECB.

Stay lucky,

Steen