ahead of 2q earnigs volumes still low, market direction less , failing to break resistance of 8100 for Dax. Similar swings have beenm present throughout the past 4 weeks . eur all time high , 1.3720 eur/usd , does not help. excuse for reducing stock positions. us treasuries yield lower , spread gap with europe tightens : is this the interest rates conundrum ? first company reports lower than expected , retail sector hit by the slowing demand in building ; repercussions also fro consumption. see home depot and sears.

Sotchi next olympic games capital, thanx to Putin. Interesting to see that Mr Oleg Deripaska, russian tycoon of aluminium with Rusal is profiting with its new Strabag acquisition, austrian building company that soared 140% since the beginning of 2007. In Switzerland we assist to the same trend with Vekselberg snapping up crown jewels of the machine industry , promising lucrative deals thanx to his proximity to Putin. How is Mr Putin rewarded economically ? Curiously Rusal will soon be listed abroad in London and not Moscow. Yukos was one of the first companies to embrace western standards and capital showed how to export in an elegant and legal way cash company out of the country in the most discrete way. Unfortunately it was dismantled by public prosecutors with the accusation of having embezzled tax authorities. So, what about Rusal and the kremlin cronies ? More clues on the book of Anna Politkovskaya on Rusal ?