Eoin Treacy's view Following my daily click through of most global stock market indices, a variety of bond futures, currencies and commodities, the extent of yesterday's volatility became abundantly clear. A great many instruments extended moves already in place with US Treasuries in particular accelerating to test the upper side of their yearlong range. The speed of the advance has left the market overextended in the short-term and at least some consolidation of yesterday's powerful advance appears likely. I initiated a short position at 122.09 in the decimalised June contract including spread-bet dealing costs.