By | June 29 2012 10:15 AM

I didn't expect the rally we saw today but such moves are often a surprise. As mentioned yesterday, the only thing keeping me from getting aggressive on the short side is that weekly seasonality tendencies favor a Friday high with the Monday low in place. I am short the AUDUSD but not as short as I want to be. Phew. Here we are at new highs for not just the week but the month (monthly seasonality does it again...6/1 low to 6/29 high). This move does nothing to alter the bigger picture (bearish risk trends). In fact, the move may be a blessing to bears that were worried about the market getting away from them on the downside.