Confusion Reigns.....
With everything going on in Japan, Libya has been pushed off the headlines. Benghazi looks like it will fall, as long as Gadaffi has enough fuel for his troops to drive there....France has recognized the rebels (one wonders what role Total had in this or if it was a move to outflank LePen supporters), but Italy is silent and the U.S. would be put in an awkward position should Gadaffi reestablish control and then have his revenge...
The Gulf nations have intervened in Bahrain and Iran is protesting, as expected. In this unstable environment, and with Japan most likely moving to import more non-nuclear fuels, it would seem reasonable to expect oil to be higher rather than lower.....
However - confusion reigns at least for now as the margin clerks go to work...
Today's rather modest positioning....
Longs:
CHF
Oil
Cheap Telecom, Tech stock
Shorts:
GBP
EUR
Expensive Cloud stock
