SHORT AND UNCOMFORTABLE

SO...I´m short the OMX. I would normally be more than OK with that, but the problem is the OMX is in squeeze mode. Guessing when that is over is not really what you want to do. Market is overshooting in both directions and the way it has been overshooting on the downside makes me rather uncomfortabel being short. Oversold is all I am hearing right now and that makes me want to take the non-consesus view. I do believe we are going to take a breather, but I will be fast on the trigger to cover if things are not moving my way. Look for profit taking in ERICB SS, HMB SS and maybe some of the cyclicals. Swedish banks should come down somewhat compared to Nordic peers except maybe for SWEDA SS.