One month results of the Santa & New Year trade: US total market up 5.5%, Venture up 10.5%, Klaus`s portfolio of beat up tax loss Venture stocks up 19%.

So far so good, but markets are getting rather overbought, so a 1-2 week pullback could start anytime. A pullback will be a good test of the risk-on trade, which appears to be gradually re-emerging. If risk assets outperform on a pullback as they have on the move up, it`s game on!