The topography...

...of global markets remains very much in flux.

I still hold my beliefs that we have entered into the next phase of deflation, and national policies of "austerity" (which, among other things, always leads to increasingly protectionist and downright mercantilist policy actions).

Thus, come March or so we should experience another sell off in equities, coupled with a strong dollar, decreased rates and a large commodity sell-off.

The recent events in North Africa have punctuated the the threat of action and thrown into stark relief the difference between perceived and actual power of national governments.