We remain positive on equities but it might be time to take money off the table in the most straightforward (cyclical) sectors.

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If there had been a proper decision to go to war last night then there would have been a drop in risk aversion but instead we are still stumbling in the dark.

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If you look at what's performing today in Germany, it's DaimlerChrysler as it looks like they are restructuring at a faster pace than the market expected, and this is precisely what the story is about for markets.

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