SELLERS M.I.A

HAPPY HOLIDAYS in the US and sellers still missing in action. The stage was set for another rally and we got it at first. OBX showing big gains across the board, helped by Brent and overnight US rally. OMX pushing for resistance territory with ERICB SS leading the way. Here are a few thoughts on why. CEO said to be upbeat on a US roadshow leading some to the conclusion a PW for Q4 is out of the picture. Swedish long funds said to be sitting on cash and underweight in ERICB SS. The usual baby, HMB SS, may be running into trouble with the consumers and to get Index exposure some will go with ERICB SS instead. Most of all it is abscence of sellers. We definately had some forced selling prior to capitulation and my best guess is this is not the case anymore. Short term traders have been profitable shorting rallies and got caught short three straight days. Today we acctually saw stops at and above 58. For the first time in three days ERICB SS did not close near or at day high and tells me the panic is over for now. Decent open tomorrow one should short it close to 58.50, unless markets craps out in case any price above 56 will work fine too. Target 53 for the pull back. One big thing to consider is month end, which also happen to be year end for some. A lot of Window dressing potential.