[cppene]

either be free as bulls or bears but waits for the data to confirm. This is like waiting to be pushed off the ledge. The pain of the crash will be outstripped by the fear and suffering of the fall. The fact that oil is flat, USD stronger and both JPY and CHF remain the leaders suggests more risk aversion, more fear on the ledge. So we go into the day with markets unhappy about the lack of bounces from China. The RBA on hold started the central bank decision making for the week and there will be plenty more from global bankers as they guide rates between exit strategy and continued easing. We all know that they want to end the party before it starts inflation but just when remains the curse of being stuck in the middle of the bulls and bears. The wall of money argument seems to have also stopped providing the fodder for the bulls so sitting and waiting may be the best defense but more likely is that the data even if better is just not good enough leaving us stuck in the range and cursing the positions on the books.