Investors and fund managers are getting very giddy about a year end rally

in equities with another leg starting later this week going into next. Once the

unemployment angst is out of the way momentum can pick up.

Strategy? Day traders should buy the breaks at the momentum breakdown levels with very tight stops.

These levels today are 1980 nasd and 1126 Spu…

Stocks are very rich at these levels so be patient and do not chase.

Those of you who did partial portfolio hedges via the SDS…Use break even stops.

USD/JPY..which way will it break? Above 84 or under 83 ( the all important intervention level for the BOJ)

Under 83 the Yen can take off.

Euro & Aussie…deploy the same strategy as the stocks…buy the breaks..