IMM positioning

Not much happened last week. Fairly benign changes. which is suggestive of a wait and see approach which falls in line with the market been unclear as to when Fed will liftoff. Net short Euro increased slightly. Commodity currencies were also fairly stable. With Oil having a bit of a run along with Aud, CAD and Nzd I would suggest that the underlying weakness of these currencies remains intact. Would not be surprise to see falls back toward the levels of the previous week once the October exhuberance subsides.

Remember to be careful out there - I'm calling a bear market rally given the speed on the turnaround and lets face it fundamentals have not changed that much. Be fearful when others are greedy - good advice to heed this Quarter.

Posted in IMM Weekly Squawk.

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