Portfolio Performance : +14.99%

Headline News

1. Singapore Minister Mentor Lee said that Singapore GDP will fall between 3-5% if the US and Europe falls into a recession
2. Japan Tetiary Index lower by 0.8% from May
3. China's industrial output higher by 16.1% from a year ago, forecast was for a 15.9% increase
4. Tokyo July Condominium Sales lower by 44.5% year on year, Osaka sales down 29.5% (wow, this is powerful)
5. Swiss Consumer Sentiment index -17 vs -5 forecast
6. German's GDP declines 0.5% from the first quarter, consensus looking for a 0.9% decline. It's first in four years
7. Indonesia's annual economic growth accelerated to 6.39% in the second quarter despite a rise in borrowing costs and higher fuel prices
8. Dutch GDP highger by 2.8% from a year ago
9. Euro Zone July HICP higher by 4% year on year
10. Euro Zone Q2 GDP higher by 1.5% year on year from 2.1% YoY in Q1
11. US Jobless Claims lower by 10 000 to 450 000 vs 440 000 expected

My expectation for the US crosses

1. EUR : Midly Negative
2. AUD : Neutral
3. GBP : Neutral
4. CAD : Negative
5. JPY : Midly Negative
6. CHF : Neutral

Bottomline : The US dollar strength is back in the market, the bears who turned up at the equity market have lost interest in shorting the market. I think the market is getting to so much bad news, but the bulls have also gone tired of buying.