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The CAC 40 Index rose during the session on Monday as we have filled the gap from back in early August. Now that is happen, we got a nice bounce during the "risk on rally" for Monday. With this being said, we think that we are going to continue to bounce around in the consolidation area.
However, France's credit rating has been downgraded by Moody's again, and as result we very well could see this index fall during the Tuesday session. With this being stated, below the €3300 level we would become aggressively short of this market. As far as buying is concerned, we may hold just simply because of the overnight action.