It all revolves (in the short term) on the developments with Ukraine, while we still stand firm on the NO invasion, NO conflict theme... But we also acknowledge that the situation is tense and volatile, and it may get even tenser before it gets better... as such we will take into consideration some short-term risk off positions during the week, the likes of USDJPY shorts for instance Attached Latest geopolitical sentiment Our general view is still mildly bearish USD overall and with the Ukraine tensions going on then USDJPY shorts make for a decent hedge but most importantly... what about the S&P500? Volatility and uncertainty is not making it easy, but if current longs get stopped we will monitor for the next "buy the dip" opportunity as we expect another temporary push towards 4700 similarly to what