Profit taking at quarter end

Profit taking is the ordre du jour. Even today European stock exchanges are exploring negative territory and it’s all coming down in hammering down profits after the most exiting quarter of the last five years. You remember the set up: long stocks, long corporate bonds, short dollar, short govvies – well it’s all reversed this week. So forget about the bad economic figures, North Korea, or whatever. Thos fund managers want their bonuses back. And taking profits at the right moment is the first step in that direction.

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