Equity markets have been lingering on at levels. The consolidation since early May in Europe is due to the strength of EUR/USD (in Dollar terms, European markets have continued to linger-on higher), while in for US Equity markets, the recent performance is entirely due to the Dollar’s weakness (in Euros, the S&P500 have been consolidating lower). In a way, Equity markets have been in a status quo for the last couple of months. May that change in August? Could we see a more aggressive risk-OFF period materializing? Jean-Francois Owczarczak, Director, FinGraphs.com and Management Joint Trust.