David Fuller's view I opened hedged shorts in the S&P and DAX indices this evening, to protect against further near-term stock market softness in the event of some additional reaction and consolidation. I considered selling southern European indices but instead opted for contracts that have narrower spreads and are traded almost around-the-clock. I sold June S&P at 1198.13 and June DAX at 6204, including spread-bet dealing costs. The main risk with these trades is that they are countertrend and stock markets could resume their uptrends before a bigger reaction or correction occurs.