YOU WHAT?

Its like working in a nightclub.

"RISK ON"!
- YER WHAT?
I SAID ITS "RISK ON"!!
-WHAT?? I CANT HEAR YOU
I SAID "RISK IS ON, IT ROCKS"!!
- WHISKY ON ROCKS? YES PLEASE MAKE MINE A DOUBLE!!
NONONO - OH FORGET IT

Turn that bloody month end down, I can't hear a damn thing in here. Seriously, the risk on "choon" in the club is so banging, it appears to have dragged everyone out of the VIP onto the floor. TMM's inboxes are full this morning of "why we have to buy risk" pieces and from a gamut of very respectable sources. Which includes those that have been claiming to have been holding back whilst Greece played out and are now emerging from under their stones, those that have suddenly found their "risk" measure models turning higher (self-fulfilling because the prices they look at have moved up), those that are extrapolationistas and have seen 3 days of bounce and finally those that have been cut from their shorts and have swung long through desperation.

But TMM are firmly covering their ears as, to them, this is far from a risk on anthem but just that month end noise turned up to 11. The Modified Newtonian Dynamics of finance it may not be but we feel our MEN (Month End Noise) theory sufficiently explains most of the phenomena listed in the current spate of "risk on" arguments, even if some purists disagree. Models have been chasing prices higher again too, though one particular bank's new model is taking the buy side by storm, resulting in a lot of people looking at the CHF/RUB cross (Bloomberg figures confirm this)!

Basically, the last 24 hours have, in TMM's mind, killed enough bears to leave it safe for us to go and sell again.

YOUR CLUB'S ON FIRE
- YOU WHAT?
I SAID "YOUR HOUSE'S ON FIRE"
- "EURO CROSSES GONE HIGHER? - GREAT I'M LONG!!
NONONO. Oh Forget it, lets get out of here