The market kicked strongly on open on back of stronger leads from the US but more so because of some respite with the Italian situation. Even though China has had a strong run higher today as well as US overnight futures remaining firm, stocks trimmed some of these early gains giving back about 30pts. We had a very potent close on Friday so its not surprising that early gains probably were a little ahead of themselves. The market remains in a newly established uptrend and we’re quiety confident ongoing strength will be seen. No reason to be playing the short side at present.