Last week was a week to remember, making July 2009 the best July since 1989. Last Friday there was even more good news on the economic recovery, and the equity markets were very adept at judging the signs of economic recovery. Maybe that is why markets are proving to be so resilient and maybe this is the time to be reminded of a quote from John Percival in The Way of the Dollar, “extreme consensus plus extreme speculation equals extreme prices.” 

Is this a good time for WTI participants to take some risk off the table? It looks as if Mariusz Ganczar is not bothered with the situation, although there are many risks in today’s market, both economic and political, his gains of 642% allow him to be calm and relaxed.  Szabó Barnabás György follows in second place with “modest” gains of 228%.  

Happy summer holidays!