We are pleased to note that the recent run of strong data in Australia has seen markets lower that probability to only about 15 per cent.

The markets are bracing for Thursday's DOE reports, with traders cringing since the recent (supply) trends have been bearish.

We've got to stop the run, and nobody else has even come close to doing that.

London is still seen as the crossroads of all markets. Europe is roughly on its doorstep, one hour distant, New York is five hours distant and there's the cross-over with the Asian markets.

Certainly, there was nothing in Mr. Greenspan's testimony to suggest he has seen any strong preliminary data from the April employment report.

This week's collection of data will give the markets plenty to trade on,