David Fuller's view I reopened this short today on seeing the key day reversal in the region of former range highs, at a time when stock markets are due for some consolidation of recent gains. I also chose DAX because of its lengthy trading hours in the futures markets and competitive 8-point dealing spread. I sold a September contract at 6167, including spread-bet dealing costs.

This is a bet that I would not mind losing as my personal long-term equity portfolio is fully invested. I could easily lose on this trade because a number of Germany's leading companies are well positioned to benefit from stronger GDP growth beyond Europe. Therefore I am only looking for a short-term reaction, not a major slide. (See also Eoin's comments on German companies below.)

My last big purchase at the end of June was Royal Dutch Shell (weekly & daily), bought for the yield of over 6% and because I expect a gradually rising floor beneath oil prices. I also retain a significant (for me) cash position, just in case. If the big bears are right, heaven forefend, I like to think that I would allow myself only 30 seconds for self-pity before snapping up the bargains.