Steve,
I'm not sure you know, but Europe has sharply outperformed the US since the March bottom. I don't follow the CAC or FTSE as close, but the German DAX was up about 8 to 9% while the US treated water over a two week span. So this time it mainly is the US catching up to Europe's rally the last two weeks, not vice versa.
The correlation has been swamped a bit lately which has cost me a bit, currently half a position short calls on the DAX.
Do you still see higher prices in the US after one or two countertrend (down) days in the US? You think THE top is in or we go some higher later this week or next?
TIA
Culmus
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