Looking at gold and some currency trades. I don’t really have a feel for what is going on at the moment and can’t see any strong technical signals. The European debt and China tightening stories are getting a bit old. In both cases, the fears are probably overdone — it will take more than a bit of tightening to puncture China’s credit bubble, and Greece will pay its debts, with a European bail-out if necessary. But I don’t know whether reality is coming to the fore or whether the markets will focus on these stories for a bit longer.