The EM chaos has ebbed just in time for the over hyping of the US Employment situation. The 72 trading hours after "as expected" would yield the cleanest show of sentiment. Anyone with a mouse and a dream can fire away at outliers up or down. We still think some revision improvement will come through.
Term LIBOR sets continue to post new forever lows despite the global dollar shortage fears. The rapid swing from euphoria to fear is testimony to the manic/depressive nature of post crisis attitudes. The persistence of memory is long and sticky. "Down" = "Crisis" for many.
We didn't like the review of the California power station hit from last year and athletics are the second story of the Olympics. Defensive positioning through February isn't a bold call. The weather pattern should break also despite the groundhog's prediction. Finally, we are upping our focus on grains and keeping an eye on the Southern California skies as the PGA Tour rolls through.